Vineet (MBA) (40 Points)
11 February 2014Hello
I have a private limited firm and expect the turnover for FY 13-14 as under
a) Supply turnover : 4.5 lacs and
b) Service turnover : 7.5 lacs.
c) Misc (Bank interest etc) : 0.25 lacs.
Presently I do not have VAT or Service Tax registration
Is it necessary for me to apply for VAT No or Service Tax no in above case??
Kindly suggest.
Thanks in anticipation
DEVARAPU SREENU
(SREENU)
(77 Points)
Replied 11 February 2014
there is no need to registration of vat and service tax because(min vat registration >10 lakshs,service tax registration >9 lakshs )but voluntarly we can apply the both registration
karan jit singh
(Consultant)
(1299 Points)
Replied 11 February 2014
Dear Vineet
what type of business you are operating/?
please explain further more.
Vineet
(MBA)
(40 Points)
Replied 11 February 2014
| Originally posted by : DEVARAPU SREENU | ||
 |
there is no need to registration of vat and service tax because(min vat registration >10 lakshs,service tax registration >9 lakshs )but voluntarly we can apply the both registration |  |
I am from Maharashtra and guess minimum Sales turnover for MVAT here in 5 lacs
Vineet
(MBA)
(40 Points)
Replied 11 February 2014
We are primarily in services business, but there is a one off Sales turnover this year which is not specifically related to the service business that we are in.
karan jit singh
(Consultant)
(1299 Points)
Replied 11 February 2014
| Originally posted by : Vineet | ||
|
We are primarily in services business, but there is a one off Sales turnover this year which is not specifically related to the service business that we are in. |
|
May I know which type of sevice you are providing?
Vineet
(MBA)
(40 Points)
Replied 11 February 2014
| Originally posted by : karan jit singh | ||
|
We are in providing installtion of EPABX Networks and the supply items turnover is for Electrical and Furniture fittings.
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karan jit singh
(Consultant)
(1299 Points)
Replied 13 February 2014
| Originally posted by : Vineet | ||
|
Hello I have a private limited firm and expect the turnover for FY 13-14 as under a) Supply turnover : 4.5 lacs and b) Service turnover : 7.5 lacs. c) Misc (Bank interest etc) : 0.25 lacs. Presently I do not have VAT or Service Tax registration Is it necessary for me to apply for VAT No or Service Tax no in above case?? Kindly suggest. Thanks in anticipation |
|
Dear Vineet
I am assuming that
For ST you are complying with secton 67 (1)(iii) of FA,1994, which is amount determined with the STVR,2006 read with rule 2A.
For Service tax :No need to register but there is need if same service provider after exceeding aggregate value of Rs.9 Lacs under section 69(2) read with rule 3 of ST(RSCP) Rules,2005
For VAT : Dealer shall get register in prescribed form as per state Vat Act Provisions and If his turnover in the current year exceeds the taxable quantum. White paper provides Rs. 10 lacs as taxable quantum.
Eg In Delhi this limit has been increased to Rs. 20 lacs in year 2013 for major relief to small dealers and other business community.
In Maharashtra , I think this limit is Rs 5Lacs
Krish Velagala
(1 Points)
Replied 28 March 2016
Hi all,
We are USA citizens, I like to start a business in India, how can I get TIN n.o and I am an NRI, please do let me know any information & My products are their in USA to get them into India do I need Import licence.
CAclubindia
