CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
17 February 2016My relative has opened an Ice cream shop in HYDERABAD however incurred losses so closed the shop. He applied for registration and got VAT number as well however his turnover for FY1516 was INR 7.50 lacs appx. Now he got a call from VAT office for verification of bill books etc however he did not maintained any books. though he do have bills for all purchases made.
Whats the limit for VAT registration in Hyderabad?
Now what’s the remedy for him? Quick reply will be highly appreciated. Thanks.
Kishore Reddy
(CA)
(89 Points)
Replied 17 February 2016
Threshod limit for making an application to Telangana govt. for Registration is Rs.5 Lacs.
For ur reference i am giving an exttract of TGVAT act.
"In the case of a dealer who is required to register under sub-section (7) of Section 17 when his taxable turnover for the preceding twelve months exceeded rupees 4[Seven lakhs and Fifty Thousand], the dealer shall make an application by the fifteenth of the month subsequent to the month in which the taxable turnover exceeded rupees five lakhs."
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