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
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
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 ?
year to year basis ?
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.
you must refer definition of turnover in ur state VAT act. i.e. how threshold limit is computed.
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