Friends,
I am planning to start the export import business from Madurai/Tamil Nadu. Is it necessary i have to apply for VAT, Service Tax or TAN, after getting my IE code.
I would like to do as Merchant Exporter in EXIM. For this purpose i have buy the goods from all around the India. For shifting the materials from other state to tamil nadu is it necessary to take any other license other than IE Code..
Pls..advice i am newbie on this business.
Dear Sendhil
Registration requirement with each authority is mentioned below for your ref
VAT Registration
Sec 3 (1a) Every dealer whose total Turnover exceeding Rs 10 lakh are mandatorily required to register under VAT and file return periodically. It is clear from the above that irrespective of turnover ie exempted sales or taxable or zero rated sales when the turnover exceeds the min exemption the delaer isrequired to get registered under VAT
Apart from the above, the registered dealers can also get the refund of SAD ( additional custom duty) paid during import as refund if the sale iseffected with in stipulated period.
Excise
When the mechant exporter registered under central excise then he can pass on the duty paid (custom duty) (cenvat credit) to the another dealer or manufacturer.
Service Tax
After the amendment in finance act 2012, wef 01/07/2012, it is mandatory even for the pure trader to register under service tax as a receiver of service. when the traders avails certain services which falls under joint charge or reverse charge mode then the traders have to register , pay and file the return periodically.
TAN
TAN is mandatory for the business man who is going effect sale more than Rs 1 cr and liable for TAx audit under 44AB. TDS has to be deducted and paid for every expenditure incurred beyond the limit prescibed in the act in order to avoid the penalty of disallowance of expenditure.
Hope the claified your doubt.
Rajalakshmi.V
CAclubindia
