VAT-Urgent

In my opinion purchase of dealing goods is essential for the registration of VAT no. from the commercial tax department(sales Tax Dept) but it is provided under the DVAT Act,above 10 lakhs turnover (Amended Now) the dealing of goods in markets needs registration under VATAct,2005.

Yes it is essential for theregistered dealer to submit their profit and loss account and trading account at the time of assessment of tax which should also be relevent to the IT returns.

U raised a query what is Liability of Buyer?

Sry i dint getting u, buyer has no liability at all, Only Seller pt of view, Only registered seller can collect VAT from customer and further eligible for Input credit..

But same facility is not available with unregistered Dealer.

If u purchase from even unregistered dealer u just need to Book Expenses provided u hav sufficient evidence, & Such seller will be found guilty by Sales Tax Deptt (As its turnover Exceeds statutory limit, he need to take VAT no.)

Hope your query resolved

Regards

Mayank Ahuja

@ Suraj u nt here to advertise urself, If u kno the solution just share ur views here..

This is a knowledge sharing Platform..

Originally posted by : Mayank Ahuja
	@ Suraj u nt here to advertise urself, If u kno the solution just share ur views here.. This is a knowledge sharing Platform..

AGREED