How to calculate gross turnover of sale for mvat regist.?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2014 Dear Expert,

I am doing trading business in mumbai,
my company's (Pvt. ltd.) turnover for F.Y.12-13 was 2.60 lacs and in f.y. 13-14 is reaches 2.50 lacs till date. toal turnover of sales till date is 510000( both years).

As per mvat act, for applying for MVAT registration , gross turnover of sale should be 5 lacs.
Whether i am eligible to take MVAT no.??
calulation of sales turnover is year to year basis or from starting of business??
Pls. reply

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

06 March 2014 when threshold limit cross specified limit, its compulsory to obtain registration, otherwise its voluntary also. u may ask to concern authorities.

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2014 How to calculate that 5 lacs turnover limit??
year to year basis ?

Upgrade to CAclubindia Pro. Subscribe Now!

Vishnu Saboo

Vishnu Saboo (Expert)
Follow

06 March 2014 yes this is on year basis, once you opt registration, you are liable to file return untill your registration ceased.
you must refer definition of turnover in ur state VAT act. i.e. how threshold limit is computed.