Rajasthan vat
This query is : Resolved
26 November 2011
hello
actually if a firm which has opted for composition scheme and it seems that in the year end it will cross the limit of 50lac then what should i have to do for amendment purpose n what will b the stock treatment in the year end
because some1 told that if i comes in vat scheme then i have to deposit tax on stock
so plz tell me what is the basic reason of this n wat will b the tax rate if any on stock...???
actually if a firm which has opted for composition scheme and it seems that in the year end it will cross the limit of 50lac then what should i have to do for amendment purpose n what will b the stock treatment in the year end
because some1 told that if i comes in vat scheme then i have to deposit tax on stock
so plz tell me what is the basic reason of this n wat will b the tax rate if any on stock...???
CA Vijay Kumar Gupta
(Expert)
27 November 2011
You should intimate your VATO on exceeding the turnover over 50 lac and start paying vat immediately thereafter. Yes you have to deposit vat on your stock ast the prescribed rates which is on commodity wise.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Intimation under section 245
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Urd purchase entry in tally prime
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
