Rajasthan vat

This query is : Resolved

hemant (Querist)
Follow

26 November 2011 hello

actually if a firm which has opted for composition scheme and it seems that in the year end it will cross the limit of 50lac then what should i have to do for amendment purpose n what will b the stock treatment in the year end

because some1 told that if i comes in vat scheme then i have to deposit tax on stock

so plz tell me what is the basic reason of this n wat will b the tax rate if any on stock...???

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
Follow

27 November 2011 You should intimate your VATO on exceeding the turnover over 50 lac and start paying vat immediately thereafter. Yes you have to deposit vat on your stock ast the prescribed rates which is on commodity wise.