Hi
We have not filed VAT 240 as we did not have total turnover exceeding 40L for FY 09-10. Our entire turnover is service taxable and had been shown as exempt turnover in our VAT returns. Hence we have been issued a notice for non compliance on VAT 240.
Please suggest a way out for the above.
Rgds
Rajashree
Submit reply to the notice explaining as to why you are not bound to submit the VAT 240. That's all
Hello,
VAT Audit is to be conducted and VAT-240 is to be filed if Taxable turnover exceeds 40lacs. But in your case neither your turnover exceeds 40lacs nor its covered by VAT act. So you are not liable to file VAT-240. hence its advisible to submit the reply for the notice by mentioning the fact for non filing.
| Originally posted by : Ambarish M B | ||
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Their reason is like this. Just because we mentioned exempt turnover(Service taxable) which is over 40L they have issued this. But actually according to them we need not mention the ST turnover as exempt in VAT 100. They have called us personally and we need to see what they have to say.
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Hello,
According to VAT Provisions, If taxable turnover exceeds 40 lakhs then the assessee is liable to file VAT form-240. but in your case your income is taxable under Service tax Act so which cannot be the taxable under VAT act again. and also you are not liable to file form-240.
Hi
With great difficulty we have filed our reply with VAT authorities as they refused to accept and acknowledge our reply. Somehow, we managed to do it.
The only solution may be to revise the returns which may be too late to do now.
Rervised return should filed within six months from the date of filing.. since its too late.... Corrected returns can be filed....
Please advise how to file corrected return and under what section KVAT can it be filed.
CCI
Pro
CAclubindia
