15 October 2009
We are in entertainment industry providing services of the nature film/tv production etc. We have no taxable sales and hence not registered under AP VAT Act We are proposing to sell some scrap items during the current f.y .
My query is whether we are liable to register under VAT/TOT if proposed 1 scrap sales are below below Rs 5 lacs 2 srap sales exceed 5 lacs
20 October 2009
VAT registration is required only if the sales exceed Rs20.00 lakhs between Rs zero to Rs20.00 lakhs TOT is applicable.If there is no likelyhood of sales exceeding Rs20.00 lakhs you need not Register for VAT. In case of TOT the buyer will not get benefit of set-off like in VAT
CAclubindia
