Mahavat registration

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34 Points Posted on 24 July 2014

One client has a retail garment shop

Last yaer ( 2013-14) annual turnover crossed 15 lacs

Already this year purchase is 4.5 lacs (April - jUly 14)

Shall i go for voluntary registration?

If compulsory registartion then , do i need to pay on pre registration purchase amount vat?

Set off of pre registration will be allowed ?

Shall i advise him to start a fresh set up so that old mess is ignored?

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Chartered Accountant

1249 Points Posted on 26 July 2014

You are liable for compulsory registration since the turnover will soon cross 5 lacs.

You will not be liable to pay VAT on pre registration purchases.

You will not be eligible to take set off for the purchases made during unregistered period.

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