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VAT 240 Returns

Rajesh (Accounts Executive) (27 Points)

24 December 2009

Hi,

Let me know VAT 240 is applicable only for Local Turnover exceeds 40Lakh(within State, includes Taxable and Exempt) or Includes Interstate turnover also.

Let me ASAP plz......plz......

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8 Replies

Shivakumar S (CA Final Student (Article Asst)) (27 Points)
Replied 25 December 2009

Hi,

As per Section 2(34) of VAT Act Taxable turnover means the turnover on which a dealer shall be liable to pay tax as derermined after making such deductions from his totoal turnover and in such manner as may be prescribed, but shall not include the turnover of purchase or sale in the course of inter-State trade or commerce or in the course of export of the goods out of teh territory of India or in the course of import of the goods into the territory of India and teh value of goods transferred or despatched outside the State otherwise than by way of sale.

As per the explanation above, VAT-240 is applicable only if the local taxable turover is rs.40 lakhs, it is applicable. You can also go through section 31 of VAT Act.

MAHENDRA KUMAR BAGRECHA (FCA) (1402 Points)
Replied 25 December 2009

Dear sir,

VAT audit under KVAT Act,2003 is applicable on local turnover only and it does not include CST turnover.

JAGADEESH (CA-FINAL ( FINANCE MANAGER)) (57 Points)
Replied 31 December 2009

Please tell me the penalty & interest provisions related to VAt 240 non-submission on pr before 31.12.2009

JAGADEESH (CA-FINAL ( FINANCE MANAGER)) (57 Points)
Replied 31 December 2009

PLEASE TELL ME THE PENALTY AND INTEREST PROVISIONS FOR NON-SUBMISSION OF VAT-240 WITHIN 31ST DECEMBER. ALSO LET ME KNOW, IS THERE ANY MENTHOD TO APPLY TO CONDONE THE DELAY IN FILING VAT 240 DUE TO ABNORMAL CONDITIONS.