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Mvat return of last year

VAT (Legacy) 522 views 2 replies

santosh patil

Finance Professional

275 Points Posted on 17 April 2015

Dear Experts

One of my client registerd MVAT & CST Under turnover limit with Only Rs.500/- DD in Navi Mumbai on Dec 2014.

Total Sales period is Dec 13 to Nov 14 is Rs.10 lacs.

Now I want to know for MVAT return process .

I have below doubts

When he will be file the return?

How much he has the liability for whole year means Dec 13 to March 15?

And which form 231?

Thanks

Santosh

Replies (2)

NAVIN AGICHA

HELPING HAND

1313 Points Posted on 19 April 2015

When turnover limit was not crossed then you are not expected to collect vat, so after turnover limit whatever you sold that you have to collect vat and pay mvat on that from that period. And form 231 is required to file.

CA Amit K. Ganar

Practicing FCA

146 Points Posted on 22 April 2015

Dear Santosh

Limit of Rs.5 Lakhs or Rs.10 Laksh is applicable for perticular FY. Therefore you forget about FY 2013-14.

Registration allotted on turnover basis i.e. crossing Rs.10L. Now you have to exepmt sales for Tax of Rs.10L and should charge and remite tax from Sales of Rs.10,00,001.

Second think which is complecated is setoff for sale. Please bifurcate if possible purchases relating to sales of Rs.10L and do not take credit of same however you are eligible to take credit of purchases for those items on which VAT is collected irrespective of date of purchase.