K.chandrasekaran (Partner) (210 Points)
09 November 2009As regards tamlinadu vat act the regn is to be taken when the turnover is not less than Rs 10 laks per year for dealers purchasing and selling in side the state.
In this regard i would like to know whether the limit of exemption up to 10 laks is available each year.?
If so what to do regarding the input tax paid on purchases?can it be set off against the vat collected later?
obeid
(learner)
(292 Points)
Replied 09 November 2009
limit of exemption up to 10 laks is available each year
input tax paid on purchases cannot be availed
CAclubindia
