Mvat turnover limit exceeds and vat not collected on sale
This query is : Resolved
07 August 2014
we under Maharashtra VAT Act, turnover exceeds 5 Lacs limit even after vat not collected on sales till the date of registration.
Whether we are liable to pay tax while not registered.
If liable to pay tax what is provision. Shall payable after reducing 5 Lacs limit what is penalty & interest factor.
If vat is liable on these sale then whether input vat on purchase during this period shall be reduced from the liability.
Whether we are liable to pay tax while not registered.
If liable to pay tax what is provision. Shall payable after reducing 5 Lacs limit what is penalty & interest factor.
If vat is liable on these sale then whether input vat on purchase during this period shall be reduced from the liability.
10 August 2014
The Limit has been exceeded form 5lacs to 10Lacs,
You have to first get yourself registration then collect and pay the tax, if you fail to get yourself registration within 1 month from crossing the limit, then penal provision will be applicable,
set off shall be allowed once you get yourself registration
You have to first get yourself registration then collect and pay the tax, if you fail to get yourself registration within 1 month from crossing the limit, then penal provision will be applicable,
set off shall be allowed once you get yourself registration
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