What is the turnover limit for a dealer to apply for MVAT Registration Number? And how will the dealer know whether he has to pay VAT liability monthly/quarterly/half yearly?
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MVAT Query
Replies (1)
1) The turnover limit for MVAT registration is Sales during the year should be more than Rs.5,00,000/- & there must be purchase of taxable goods of more than Rs.10,000/- however the if the limits were not crossed by the dealer, he can opt for Voluntary Registration by paying the Deposit of Rs.25,000/- which can be setoff against the liability in the first quarter, the balance deposit amount will be forfeited thereafter.
2) Every new registered assessee has to file his MVAT Return Quarterly.
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