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Karnataka Vat audit

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15 December 2009 When is VAT 240 applicable?

A partnership firm is having an export business and has been registered for sales tax as the input tax paid is claimed as refund. The turnover for income tax purpose is more than 40 lacs and total sales comprises of exports.so, should it file the vat 240 or not?
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CA Chandra Kishore Bajpai

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CA Chandra Kishore Bajpai (Expert)
15 December 2009 For FY 2008-09 If TAXABLE Turnover is Rs.40Lacs during the year then only VAT would be applicable but for FY 2009-2010 TOTAL Turnover (whether taxable or not) has to be considered.
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