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VAT Returns


Kusuma Arvind

2015-06-30

Hi,

I am a Propritor (sole). i have VAT and CST registration since June 2014. I have made some billing to the tune of 3 lakhs. 

 

What are the important dates to pay VAT and when is the last day to file VAT returns. Is there a penalty for delay in filing returns. 

Is there some source that has all these details

Any help in this regard would be appreciated.

 

Thanks,

K

 

CA Pulkit Sharma

2015-06-30

You can read about VAT penalties and interest upon late filing or non-fling here KVAT penalty for non filing of VAT returns aned non payment of tax

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Kusuma Arvind

2015-06-30

I have excess VAT credit in comparison the VAT collected. How do i file 0 returns?

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CA Pulkit Sharma

2015-06-30

There is no zero return in your case. You made sales, you need to show the sale and purchase amount along with output and input tax.

If tax credit is more, you need not to pay tax otherwise pay with interest and penalty.

Are you eligible for monthly or quarterly filing?

If monthly then file monthly VAT returns otherwise file a quarterly return. Monthly VAT returns has to be filed regardless of your turnover during the period.

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