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
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- REGARDING SECTION 44AE
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
