Registration of 0% vat product

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2014 I will be dealing a product that has 0% Vat (solar water heater).They are asking me to get TIN.Do I need to get registered even when my turnover does not exceed 5 lacs. Since it is a 0% VAT product what are other procedure to follow. Please guide.

CA Hardik Bunha

CA Hardik Bunha (Expert)

09 January 2014 yes you have to registered under vat act.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2014 will you please elaborate with details & other procedural requirement??? Do reply.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)

09 January 2014 For local sales and purchases Rs5 lakhs is the threshold.But for manufacturers Rs1 lakh is threshold. So,you have to register under MVAT.....mjk

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2014 well sir but I will not be the manufacturer I will be the dealer.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)

10 January 2014 When you are doing only local sales and purchases Rs5 lakhs is the limit even if it is exempt,but having at least Rs10,000/ worth of taxable sale or purchase in a year.When you do not have any taxable sale or purchase upto Rs10,000/- in a year,you need not register till the sales cross Rs 5 lakhs......mjk

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now