Vat

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rajesh kumar (Querist)
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28 February 2012 i am bit confused about d vat rules for my profession, it is true fashion designer really need a d vat registration, if yes so what kind of it is composite or regular. because my turnover just only 40 to 50 lac.
one more thing i am purchase only raw material like fabrics and buttons tax free,and converted into a dress.and how to maintain related books.pls help me.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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28 February 2012 You have to register under regular scheme. You have to maintain books such as cash book, bank book, purchase register and sales register and related bills. Since your turnover is 50 lacks you have to register eventhough you are purchasing non taxable items.

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