KARNATAKA VAT

Hi,

It is advisable to refere the  the Karnatak a VAT Act to know the correct legal Implications/obligations and formalities .

Thanks & Regards,

M P Singh

VAT audit is Mandatory for persons having turnover more than 40 lakhs. so, if the Private Company has a taxable turnover more than 40 lakhs, VAT Audit is Mandatory and last date of filing the return in Form 240 is 31st of December. It would be better if u refer the Act itself and confirm.

H,

 i please any one provide me an Vat audit 240 Form in Excel Formate.

my email Id is

gspramod @ yahoo.com

gspramod4 @ gmail.com

Regards

Pramod.

Dear Anil,

Find below the my understanding of VAT law in the State of Karnataka for the year 2007-08, in order;

1. Dealers whose taxable turnover during the year exceeds Rs.40.00 lakhs are liable to get their accounts audited.  If it is less than that, whether company or firm, need not get the accounts audited under VAT Act.

2. The due date for filing the Audit Report in Form VAT-240 is 31.12.2008

3. There is no renewal of VAT registration in Karnataka like it was in earlier KST regime.  Hence, the registration is deemed to have been renewed from time to time without the payment.

You have clarified you.

Rgds/Dharmaraju

hi

last date for filling vat 240 is december 2008

there is no renewal fee payable now nad every year

vat240 is cumpulsary has to file

Sir,
 

If VAT-240 is not filed on or before 31st December, what is the penalty/Interest kindly confirm.  Can we take all the pages of Form VAT-240 or we may take the pages which are related to us.  Kindly send the excel format (revised) VAT-240 my e-mail - raghu_nd @ yahoo.com

Regards,

The applicability of VAT Audit is covered under sec. 35(4) of the KVAT Act, 2003. which says that the taxable turnover in a year exceeds rs. 40 lacs then the dealer has to get his accounts audited.  Sec. 2(34) defines the term TAXABLE TURNOVER, which excludes CST turnover and export turnover.  

Any more clarifications may be posted.

Hi Mr.Raviprakash,

you have written in your reply that the local turnover should exceed 40 lacs for vat audit, but what if a company is a EOU and as more than 2 crores export turnover???? Is there any section that particularly includes such companies under vat audit????

Hi Mr. Abhilash,

No they are not covered.

Dear All,

Annual Return(240) is due date 31st December every year