Sir,
It is compulsory if limit of sale or purchase exceed the prescribed limit under MVAT.I have purchase bills amounting to Rs 5,30,000 but sales has not effected up till now.
Do i need to have sales bill also to register myself because on the basis of purchase bills my form is not uploaded?
Its really urgent.Pls reply asap.
Thanking You in Advance
Dear Shweta,
According to me, the provision says, the purchase/sale of the taxable goods should exceed 10,000 and the totaal turnover should exceed rs 500000
'in your case, since the second condition i.e the total turnover has not exceeded 5,00,000 (since sales os zero), i dont think you need to register
also, under section 3(4) of the act, for registration to be compulsory, both the above conditions need to be fulfilled.
so i dont think you have to register..
- Ankit
According to section 3(4) of the MVAT Act, 2002, the turnover, of sales or the turnover of purchases of a registered dealer who has become liable to pay tax under section 3 has during any year not exceeded the relevant limit specified in sub-section (4) of section 3.
Refer the link below for subsection 4 of section 3
https://www.mahavat.gov.in/Mahavat/HomeController?dispPage=true
As per my opinion, even though the purchases made during the year exceed the prescribed limit, the dealer will not have to register with the VAT Department.
Regards,
Devendra Kulkarni
CAclubindia
