Dear Sir,
We have started a new Retail shop for selling of Chimney, Gas stove and Bulb at Hosur. The Source of products is getting procured from within state of Tamil Nadu only with payment of applicable VAT. The yearly turnover would be 2.5Lakh. In taxation perspective, we have few questions listed below.
- Do we needed to obtain TIN number.
- Ours is small shop and fall under VAT exemption (Not exceed 10Laksh category). So while selling the product to Consumer, Do we need to collect the VAT in invoice.
- Anyway we are in exempted category, we pay VAT while procured the product from Supplier. Can we get the refund of VAT portion of input source?
- Do we need to maintain any kind of register/ledger and support documents? If yes, what are the documents and what would be the format of ledger.
- Any returns to be filed to VAT department?.
- If any other information, please.
thanks
Regards/ Sutharsanan
CAclubindia
