VAT on Labour Job?
This query is : Resolved
15 May 2009
I would like to put forward my query to the experts here...
Before that a little breif about the nature of work.
We are Iron & Steel Forging firm, where basically Iron Ingots (purchased & provided by the principals) are hammered and given the desired shape on job work/conversion. Here it is to be remembered that we are not adding any material to the product, we are just processing it. And forging is one of the processes in the manufacture of the final output.
My query is whether we are liable or get covered under VAT Act?
Thanks in anticipation for the replies!
Before that a little breif about the nature of work.
We are Iron & Steel Forging firm, where basically Iron Ingots (purchased & provided by the principals) are hammered and given the desired shape on job work/conversion. Here it is to be remembered that we are not adding any material to the product, we are just processing it. And forging is one of the processes in the manufacture of the final output.
My query is whether we are liable or get covered under VAT Act?
Thanks in anticipation for the replies!
16 May 2009
Registration is mandatory only when
1.Your Turnover of sales exceeds 5,00,00/-.
and
2,Your turnover of sales or purchase of taxable goods exceeds 10,000/-.
I may add another point getting registered will not make you liable to pay VAT on your business activity i.e Job-Work.
1.Your Turnover of sales exceeds 5,00,00/-.
and
2,Your turnover of sales or purchase of taxable goods exceeds 10,000/-.
I may add another point getting registered will not make you liable to pay VAT on your business activity i.e Job-Work.
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