Dear Fellow Members
Please help me out in knowing that
if a company is not regd. under VAT, but in the course of the business it comes comes across cetain activities which covers VAT liability eg. Sale of Second hand /used motor car to any entity etc
Then is the company liable under VAT compliance ?
Please advice with some proof in respect of both the liabiity of company as how to ascertain /pay such Tax
With Regards
Mannu Jagnani
Dear Mannu,
Once the business turnover across Rs. 5,00,000/- for manufacturer Rs. 10,00,000/- for traders for a year. you can register your business with the department then only you can pay and collect VAT on your sale invoice and claim input tax on purchase invoice.
Dear Mannu
VAT bieng a state levy please specify the state. Different state have different legal provisions and procedures.
CAclubindia
