Whether Annual Returns to be filed for the Financial Year ending March, 2014?
No. The requirement of filing annual return in form 115 is no more applicable.
However, a new provision to furnish Annual Statement is introduced in March 2014. As per this Section 31(5)“Every Registered dealer shall furnish every year to the prescribed authority, a statement relating to his turnover in such form, containing such particulars and with such period may be prescribed”.
When is the due date of filing the Annual Statement?
Government has not announced the due date of filing Annual Statement for the financial year ending 31th March, 2014.
However, they have issued a Circular No.5/2014 dated 23th May, 2014. The summary of the said Circular is as under –
a) Applicability : Annual statement will be applicable for the financial year 2013-14 and onwards
b) Sufficient time ‘will be given to dealers to enable them to file the annual statement for the financial year 2013-14 after the finalization and publication of amendment rules.
c) The LVO/VSO shall insist for filing of Annual statement for the financial year 2013-14 only after the finalization and publication of Karnataka Value Added Tax amendment rules 2014, within such period as may be prescribed in said rules.