MVAT- Determination of Turnover for MVAT Registration
This query is : Resolved
16 March 2011
Under MVAT,if Turnover of purchase/sales during a F.Y. exceeds Rs. 5,00,000/- then dealer is required to get him registered % charge tax i.e. no tax till the sales are upto 5 lacs.
My Question is-
If there were no sales during 1 quarter & in 2nd quarter by virtue of 1st sales invoice only turnover gets exceeded 5,00,000/- then a dealer is required to pay tax on the amount by which the turn over has exceeded or the entire sales amount?
My Question is-
If there were no sales during 1 quarter & in 2nd quarter by virtue of 1st sales invoice only turnover gets exceeded 5,00,000/- then a dealer is required to pay tax on the amount by which the turn over has exceeded or the entire sales amount?
CA Chandresh Agrawal
(Expert)
16 March 2011
Only on amount exceeded 500000
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