I've got the following questions regarding turnover based registration(not voluntary registration) for Maharashtra VAT:
1) If the assessee(say a proprietorship firm named ABC Enterprises) has IEC Code but has not imported anything until date, what will be turnover limit for Sales beyond which Registration is mandatory? Will it be 1 lac or 5 lac?
2) If the assessee is not an importer, the turnover limit for Sales is 5 lac. Now, if the first sale by ABC Enterprises is of Rs.550000 should it recover VAT on this entire sale? Or should it recover only on the excess of Rs.5 lac. Or should it not recover any amount at all?
CAclubindia
