Can I start business without VAT?
This query is : Resolved
23 November 2009
Can i start trading without VAT because all companies ask for tax invoices.is there a slab for applying for VAT.
23 November 2009
Hi Sanjay, VAT is payable only if the turnover exceeds Rs. 5 lakhs. Suppose in the first year, the turnover is 7 lakhs than on excess Rs. 2,00,000 VAT is payable. but in the second year, VAT will be applicable from day 1 as the last years turnover was above Rs. 5 lakhs eventhough your second years turnover is say 3 lakhs. further in the third year, since second year's turnover is less than Rs. 5 lakhs, no VAT is charged upto Rs. 5 lakhs. Regards, CA Shakuntala Chhangani
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
