Annual return i.e. Form I-1 in TNVAT Act-2006

[Asked by Guest]

I wish to be clarified the following queries :

1.What is the turnover limit for an annual dealer? Should he limit his turnover to Rs.10 lakh only ? or can he cross that limit ? If a dealer deals only in non taxable goods and his turnover goes above 10 lakh ( to any amount ) is he still allowed to file Form I-1?.If he buys and sells taxable goods beyond the limit of ₹ 10 lakh can he still file Form I-1 and should he pay tax? or is he exempt from paying tax upto the limit of ₹ 10 lakh and pay tax for the turnover beyond ₹ 10 lakh? Should he switch over to 'K' return of 'I' Return? I need some expert clarification . Please , ...........

AI Summary

Form I-1 eligibility: whether turnover threshold and goods' taxability determine filing obligation and tax liability.
Whether a dealer may use Form I-1 depends on the applicable turnover threshold and the tax character of transactions: if a dealer's aggregate turnover exceeds the threshold, or if the dealer buys and sells taxable goods beyond that ceiling, the questions are whether Form I-1 remains permissible, whether tax is payable only on turnover beyond the threshold or on the whole turnover, and whether the dealer must switch to a different return classification.