Hi, I'm running a small coffee shop in Hyderabad and have already registered for VAT. My annual turnover is somewhere around 2-3 lakhs. Do I need to collect VAT? If not, how should I submit the return?
Anirban Roy (4 Points)
24 August 2016Hi, I'm running a small coffee shop in Hyderabad and have already registered for VAT. My annual turnover is somewhere around 2-3 lakhs. Do I need to collect VAT? If not, how should I submit the return?
suraj agarwal
(article trainee)
(25 Points)
Replied 30 August 2016
Assuming that you have obtained voluntary registration under Sec 17 (6)(a) of the Telangana VAT Act.
As per Rule 8 (3) of Telangana VAT Rules, where a VAT dealer registered under clause (a) of sub-section (6) of Section 17 fails to file timely tax returns and fails to pay any tax due and his taxable turnover remains under the limits specified, the authority prescribed shall cancel such registration after giving the VAT dealer the opportunity of being heard.
So you may continue to charge VAT and file returns, in order to avoid cancellation of registration.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
