Online Submission of Purchase and sales Invoice Details- Kvat
I need some clarification regarding this matter explained below:-
We have a small company in Jigani. During the last year the annual turnover was exceeded Rs.50 Lakhs. Hence we are submitting all the purchase and sales invoices online for the current year. But current year I dont think the turnover will not exceeds Rs.50 Lakhs.
Now If the the turnover not exceeds Rs.50 Lakhs,whether we have to submit the purchase and sales details online for the next year?
How the act says
1) Once we started uploading the details we have to continue or
2) If the turnover crosses Rs.50 Lakhs in the previous year we have to upload the details.
Thanks in advance.
I think there is no such notification by government. If once you liable to upload the statements, you have to upload it everytime regardless of change in your turnover.
Please wait for other experts.
Hi Mr Antony Raj,
Kindly be specific as to exact year and exact turnover.
Notification clearly says that , if the TOTAL TURNOVER for period ending 31-3-2014 exceeds 50 lakhs
For Subsequent years, cumulative total turnover should exceed 50 lakhs.
So, suppose your turnover exceeded 50 lakhs for period ending 31-3-2014, you will have to upload purchase and sales statements for all subsequent years ( not only for period ended 31-03-2015 but also 31-3-2016, 2017 so on and so forth)
One more thing you should carefully observe while reading the notification is that, if in any subsequent year, ( ie. begining from 01.04.2014), if the cumulative total turnover exceeds 50 lakhs, then Uploading is mandatory for all tax periods in future years regardless of your turnover.
I hope i have clarified your doubts.
Dear Mr.Vedanda Dhekshika,
Thank you very much for your prompt reply and the clarification.
Thank you Vedanta Deshika. Can you please provide the link of notification?
Mr Antony Raj,
I would have been happier if u had spelt my name correctly. Just kidding. :)
Thanks for reply. It seems that this notification is issued so that the transaction of sale & purchase can be tracked easily to catch the people trying to avoid taxes. This way authorities can also have control on creation of fake bills.