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Vat Returns

(Querist) 10 April 2011 This query is : Resolved 
Hi Friends,

I want to know whether the VAT Returns to be filed Monthly or quarterly for individuals . Whether it is based on Turnover concept.What will be the turnover.

Thanks in advance
R.Ramachandran (Expert) 10 April 2011
Please indicate the State in which you are a "Dealer".
Have you already registered under VAT or yet to register.
What is your annual turnover?
Naveen (Querist) 11 April 2011
Karnataka State

It is already registerd. Turnover is Rs 20 Lakh per annum.
R.Ramachandran (Expert) 11 April 2011
In terms of Section 35 of the KVAT Act, 2003, a return is to be furnished as prescribed.
Rule 37 of the KVAT Rules, 2005 prescribes that in case of dealers (other than dealers who have opted to pay tax by way of composition), whose turnover in a period of four consecutive quarters does not exceed 15 lakhs, the tax period shall be a 'quarter'.
However, in the case of other registered dealers, it shall be one calender month.

Since your turnover is more than 15 lakhs, you have to file the return every month.

MUKESH SHARMA (Expert) 12 April 2011
it differ state to state in himachal if turnover is more than 5.00 crore than monthly return otherwise quaterly returns


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