Vat Annual Returns And Audit Form 240 Is To Be Filed

Reported under GST on 30/11/2018

VAT (Value Added Tax) though does not exist any more but still one need to comply with annual filings. Karnataka government has specified the dealers who need to file annual returns and audit statement in form 240.

Dealers are required to disclose turnover details for period April to June 2017, the period which was covered under VAT laws before implementation of GST.

Due date to file VAT annual statement and Audit Report

Different states have notified different dates and forms one need to file.

However for state of Karnataka there are 2 due dates applicable to large dealers and small dealers.

Due date for dealer having turnover more than 25 lakhs but less 1 crore is 31, March 2019 and for dealers having turnover more than 1 crore due date is 31 December 2018.

Due Date of VAT annual statement and Audit Report - Form 240
Dealer Type Due Date
Turnover more than 25 lakhs but less than 1 crore 31/03/2019
Turnover more than 1 crore 31/12/2018

GST turnover to be shown in VAT annual audit report?

This is not yet clear, but it seems only VAT details are to be shown as VAT authorities will have administration power over VAT turnover only. However as of now there is no changes in forms.

You need to check your state commercial tax website and notifications for any changes.

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