Wishing you a very Happy New Year from the members of Karnataka Hosiery and Garments Association. Sir we would like to get to your kind notice certain regulations under KVAT Act 2003 which are causing lot of difficulties to all dealers
- The last date of filing of Vat 120 should be changed to 20th of every month instead of 15th
- According to the new amendment for Vat Audit(T/o over 4000000/-) Taxable Turnover has been substituted with the word Total Turnover ie even Exempt Goods or Non Taxable Items come in the ambit of audit. It will not help in any revenue generation and will increase paper work for dealers. The term Total Turnover should again be substituted to Taxable Turnover.
- Revised Returns can be only submitted within 6 months, the date of submission of revised returns should be changed to the last date of Vat Audit as to help the dealer to rectify any errors.
- Currently VAT Audit is on a turnover over 4000000/- this should be increased to 10000000/-
- Currently Reassessments are happening once in 3-4 years which is causing great problems for dealers it should be done on yearly basis.
Procedural Difficulties faced by dealers
- C Form procedure should be simplified currently it is very time consuming.
- There is no place in the C Form to reflect Returned Goods
We request your goodself to kindly take note of the above suggestions in the coming budget for necessary amendments.
Sajjan Raj Mehta