MVAT- Determination of Turnover for MVAT Registration
This query is : Resolved
16 March 2011
Under MVAT,if Turnover of purchase/sales during a F.Y. exceeds Rs. 5,00,000/- then dealer is required to get him registered % charge tax i.e. no tax till the sales are upto 5 lacs.
My Question is-
If there were no sales during 1 quarter & in 2nd quarter by virtue of 1st sales invoice only turnover gets exceeded 5,00,000/- then a dealer is required to pay tax on the amount by which the turn over has exceeded or the entire sales amount?
My Question is-
If there were no sales during 1 quarter & in 2nd quarter by virtue of 1st sales invoice only turnover gets exceeded 5,00,000/- then a dealer is required to pay tax on the amount by which the turn over has exceeded or the entire sales amount?
16 March 2011
Only on amount exceeded 500000
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