Applicablility of mvat
This query is : Resolved
06 February 2012
1. What is the limit for applicability of MVat??
2. A company providing services i.e. not dealing in goods at all allows its employee to take the company's laptop at the time of his resignation for an amount....is VAT applicable and should the company charge VAT from such employee in case the sale value crosses the above limit??
Kindly quote RELEVANT Section number....
2. A company providing services i.e. not dealing in goods at all allows its employee to take the company's laptop at the time of his resignation for an amount....is VAT applicable and should the company charge VAT from such employee in case the sale value crosses the above limit??
Kindly quote RELEVANT Section number....
09 February 2012
Statutory liability for registration under MVAT Act id turnover of local sale exceeds the limit of Rs. 5,00,000/- or the limit is Rs. 100,000/- if he is importer and turnover of taxable goods is Rs. 10000/- or more as per sect. 3(4).
2.As per sect. 2(8) explaination (x) company will be deemed dealerliable to pay VAT if the total amount collected during a finanacial year exceeds the limit of rs. 5,00,000/-
2.As per sect. 2(8) explaination (x) company will be deemed dealerliable to pay VAT if the total amount collected during a finanacial year exceeds the limit of rs. 5,00,000/-
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