In my current company, we have sold a scrap and it was broken chair. Unfortunately, the said was sold as a simple scrap and also was not regarded as Fixed Asset consideration at the time of selling.
Now I have a problem and audit point might be raised. Would vat be considered on the same and now if the same is being already occurred , what would be the implication?
16 February 2010
Thanks for the reply But in this company, we do not have any VAT treatment or in the past they have not filed any returns for VAT. In this case what is the ideal step that could be taken?
17 February 2010
We have VAt Registration but now for this earlier case where amount is just Rs. 1000/-, should we change everythig retrospectively. We do not have any other VAT Related transaction for now and they were not previously. What is th ideal solution for earlier transaction?
17 February 2010
If your turnover is below the taxable quantum, then you are not required to get registration. for taxable quantum, refer your state tax law.
CAclubindia
