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Vat registration delay

Mahavat 766 views 1 replies

Suppose I am doing business from last 3 years an it is not crossed the T.O limit of vat registration of Rs.5 lacs. But in the 2010-11 I have notices that my sales cross the 5 lcas i.e total 10 lacs sale. Now I am plan to go for registration. So what impact will come on me while geting registration.

1) I am liable for pay tax for the above Rs.5 lacs (not collected from the party) with Interest?

2) If payable then shell I get any administrative Relief the from the Dept? (what is procedure for relief)

3) any good sugestion from you?

PLEASE ADVICE WHAT I WILL DO?

HELP ME URGENT

regards

mahendra

Replies (1)

Hi Mahendra,

You have crossed the limit of Rs.5lacs & hence it is mandatory to register with the Sales Tax Authority. You have to pay the Tax & Interest amount on & above Rs.5Lacs from your own pocket.

Plz refer the new circular of Administrative Relief which was issued in Year 2010.


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