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FILING OF RETURNS [Sec. 29]. There are four category of Returns prescribed under the GVAT Rules, 2006 as under : Monthly Returns Quarterly Returns Half Yearly Returns Annual Returns. RETURNS. MONTHLY RETURN.
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FILING OF RETURNS [Sec. 29] There are four category of Returns prescribed under the GVAT Rules, 2006 as under : Monthly Returns Quarterly Returns Half Yearly Returns Annual Returns
RETURNS MONTHLY RETURN. Manufacturers, Inter-state Dealer, Importer, Exporter, SEZ Unit/Developer, Refundees u/s 40, Remission u/s 41, dealers of Schedule III goods, Dealers enjoying Exemption/Deferment and Dealers having tax liability exceeding Rs. 60,000 in preceding year or current year are liable to file monthly returns in Form 201, Form 201A (Tax invoice sale register), Form 201B (Tax invoice purchase register). They have also to submit Form 201C (Details of Stock movement) quarterly. Exception to the above rule : The Local Traders and Lump Sum Dealers, other than Works Contract Dealers opting to pay tax at regular rate under Rule 28(8)(a), even having tax liability of more than Rs. 60,000 is required to file Return on Quarterly basis.
Contd… QUARTERLY RETURNS. Dealers opting for lump sum tax, local traders and dealers other than those mentioned in monthly category, having tax liability of less than Rs. 60000 have to file quarterly returns as under: 3 Thursday, 21 August 2014 CERTIFICATE COURSE ON INDIRECT TAXES
Contd… HALF YEARLY RETURNS. Co-operative Societies engaged in the manufacture of sugar or khandsari have to submit half yearly return in Form 201.
Contd… In case of following dealers, Additional Forms as under are also to be submitted along with monthly Return:
Contd… REVISED RETURN. Return can be revised within one month from the expiry of the last date prescribed for original return. The differential tax is to be paid with interest. ANNUAL RETURN – SELF ASSESSMENT. Every Registered Dealer shall furnish Annual Return by way of Self Assessment within 3 month i.e. on or before 30th June if the accounts of the dealer is not audited under GVAT otherwise within 9 months i.e. 31st December, after the end of the financial year in following Form:
E-FILING OF RETURNS • E-Filing of returns is mandatory for: • Dealers having taxable turnover exceeding ` 50 Lacs. • Making Zero Rated Sale or Enjoying Exemption / Deferment, Importers, Exporters, Developer / Co-Developer of SEZ or Dealer carrying on business in processing area/demarcated area of SEZ. • Holding CST Number. • E-filing of Annual Return and Annual accounts containing Trading Account, Profit & Loss A/c and Balance Sheet is mandatory for a dealer having total turnover exceeding ` 50 Lacs only.
