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Vat return

Others 589 views 2 replies

Which assessee are required to file monthly vat return?

And how is it decided whether to file monthly or quarterly return at beginning of financial year?

enlightened

Replies (2)

Following limit are under DVAT Act.

 

S. No.

Turnover (T) in the preceding

Financial Year

Mandatory Tax

Period[Rule 26(1)]

Optional Tax Period

[Rule 26(3)]

a

Turnover is equal to or less than Rs. 10 lacs

[T< 10 lacs]

Year (Six months for 2005-06 commencing from 1.10.2005)

Six months or quarter or one month (Quarter or one month for 2005-06)

b

Turnover is more than Rs. 10 lacs and equal to or less than Rs. 50 lacs

[10 lacs < T < 50 lacs]

Six months

Quarter or one month

c

Turnover is more than Rs. 50 lacs and equal to or less than Rs. 5 crores

[50 lacs < T < 5 crores]

Quarter

One month

d

Turnover exceeds Rs. 5 crores

[T> 5 crores]

One month

No option

 

 

Is it for gujarat VAT too?

 


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