VAT PAYABLE

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This query is : Resolved

Sushant Panigrahi (Querist)

24 March 2009 I was not charging VAT on my bill as the turnover was not exceeding 5 lacs. since now my turnover exceeds 5 lacs and i had applied for VAT registeration, shall i raise debit note on billing for collecting output vat on previous bill. Any other way to setoff VAT as my most purchase are from outside the state

Ram Avtar Singh

Ram Avtar Singh (Expert)

24 March 2009 you can collect vat after applied for vat registration.not previous bill

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

24 March 2009 The bill from which turnover exceeds has to be charged VAT and so on.

Sushant Panigrahi

Sushant Panigrahi (Querist)

24 March 2009 VAT will be payable on which amount i.e 4 % on Turnover or from the amount exceeds 5 lacs.

C A GROUP COACHING

C A GROUP COACHING (Expert)

25 March 2009 VAT COLLECTION WILL BE FROM THE DATE YOU HAVE APPLIED /DATE FROM WHICH YOU HAVE BEEN REGISTERED. YOUR COLLECTED VAT WILL BE PAID AFTER TAKING INPUT CREDIT

Sushant Panigrahi

Sushant Panigrahi (Querist)

25 March 2009 while filing return whether i should taken input credit on those material only for which correspondence sales has been taken place once it exceeds 5 lacs, or on the entire amount

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

25 March 2009 Corresponding date of sales.

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