Exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2012
exemption of 5lacs /10 lacs as per state law is available, so if sales is 25 lacs then whether VAT will chargeable on whole amt or 20lacs
10 April 2012
Yes on the sales exceeding 10 lacs you have to register under the VAT Act and accordingly you can raise tax invoice as well as retail invoice. If you are not registered then you can raise any tax invoice and it is only retail invoice this means you cannot adjust VAT as set off if your are not a registered dealer.
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