23 August 2012
One of our clients is starting a cold storage warehouse. He is purchasing material for construction of the warehouse which has exceeded the Rs 5 lacs. As per the act a you can register voluntarily paying deposit of Rs 25000 & its mandatory to register if the ''TURNOVER'' exceeds Rs 5 lacs. The query is whether the client can register under mandatory registration rule.
23 August 2012
But the definition of turnover includes Purchases also. I am talking about the amended definition as per the subsections of sec.3 of the act.
CAclubindia
