Applicability of mat
This query is : Resolved
26 November 2012
sir, is mat applicable on co. what is minimum limit of applicability of mat?
26 November 2012
The threshold is based on the total turnover of sales and the level of taxable sales or purchases in a year commencing 1 April. The threshold limit above which you must register, depends on the nature of your business. If your are an importer and your total turnover exceeds Rs. 1,00,000 and your taxable sales or purchases exceed Rs.10,000 in a year commencing 1st April, you must register and account for tax. If you are not an importer and your total turnover exceeds Rs 5,00,000 and your taxable sales or purchases exceed Rs.10,000 in a year commencing 1st April, you must register and account for tax. “Importer” for this purpose means a dealer who brings any goods into the state or to whom any goods are despatched from any place outside the state.
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