TN VAT Filling the Monthly return for dealer having TO below exemption limit

[N Chidambaram]

Please let me know how to show the following turnover of a dealer registered under TN VAT Act in the monthly return form.

 Local sales 300000  His turnover for the entire financial year is less than 5 lakhs

Can the dealer claim input credit for local purchases with VAT

Whether the input credit if allowed can be carried over to next year.

The dealer has local purchases without VAT also for Rs. 50000/-

Whether this can be shown on both input side and out put side so that the tax effect will be nil or 

what is the proper procedure for this 

Thanks & Regards

N. Chidambaram

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.

AI Summary

Dealer Queries TN VAT Act Compliance: Input Credit and Accounting for Purchases Below Exemption Limit Discussed A query was raised regarding the filing of monthly returns under the TN VAT Act for a dealer with a turnover below the exemption limit. The dealer's local sales total 300,000, with an annual turnover under 500,000. Questions include whether input credit for local purchases with VAT can be claimed and carried over to the next year, and how to account for local purchases without VAT totaling 50,000. A reply asked if the issue was clarified, indicating ongoing discussion.