29 November 2015
Is it compulsory to take vat registration ? I am in maharashtra. Can I Purchase from unregistered dealers and sell to unregistered dealers ? My turnover will not exceed 10 Lacs. Any consequences from tax authorities ?
30 November 2015
TURNOVER LIMITS FOR THE PURPOSE OF LIABILITY/ REGISTRATION [SEC.3(4) ]
For Importer ( Purchase material from other state) TURNOVER (w.e.f. 01/05/2012) Rs. 100000/- & TURNOVER OF TAXABLE GOODS PURCHASED OR SOLD is Rs. 10000/-
For Others: Turnover (w..e.f. 26/06/2014) is Rs. 1000000/- & TURNOVER OF TAXABLE GOODS PURCHASED OR SOLD is Rs. 10000/-
TURNOVER FOR THE ABOVE PURPOSE ¨Section 3(5) – Following items specifically covered for registration limits: 1)Turnover of all items, whether taxable or tax free is to be considered. 2)To include turnover on own account as well as on accounts of principal, whether disclosed or not. 3)In case of auctioneer turnover should include turnover of goods, price of which is received by him. 4)In case of agent of non-resident dealer, sales of such non resident dealer.
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