Tax treatment of urd period under mvat
This query is : Resolved
25 November 2011
Sir,
If I cross sales limit rs.500000/- in april.
but I am registered in Dec.
in between period I made sales rs.10lac.
plz tell me the tax treatment of URD period under MVAT act.
Thank You
If I cross sales limit rs.500000/- in april.
but I am registered in Dec.
in between period I made sales rs.10lac.
plz tell me the tax treatment of URD period under MVAT act.
Thank You
25 November 2011
Mr. Pradeep,
The rule is you should cross the limit of Rs10 lakhs in a financial year to attract tax under MVAT Act 2002.If the turnover is less than Rs10 lakhs in the Dec-Mar period that part business is exempt.Starting from 1st April to this day see how much sales you have done. As it appears you are likely to cross the limit by Mar end of 2012. Therefore for this financial year you pay VAT as per rules.
MJK
The rule is you should cross the limit of Rs10 lakhs in a financial year to attract tax under MVAT Act 2002.If the turnover is less than Rs10 lakhs in the Dec-Mar period that part business is exempt.Starting from 1st April to this day see how much sales you have done. As it appears you are likely to cross the limit by Mar end of 2012. Therefore for this financial year you pay VAT as per rules.
MJK
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