If in case the turnover of a concern has reached 5 Lakhs and that they haven't registered for VAT within 30 days from the date on which the turnover has reached 5 Lakhs, then will any penal charges be levied for late registration?? Plzz let me know ?? This is incase of Tamilnadu VAT
10 April 2012
Mr Ganesh, As such, after reaching the turnover limit for registration you will become liable for payment of tax on the entire amount of Rs 5 laks.Now, immediately apply for registration and get it. It may take some time to get the TIN no.As soon as you get the TIN declare the entire sales in one month and finish it.There will not be any major problem. Hereafter keep filing returns regularly.
11 April 2012
tthank u sir... but i think in Tamilnadu though the limit for regn is 5 Lakhs VAT has to be charged only when the turnover reaches 10 Lakhs... Correct me if i am wrong...
CAclubindia
