VAT

Dear Dasd

In which state you are runing your business.

IN MADHYA PRADESH

Dear Dasd

You should file your return immediately with a interest @ 1.5% p.m.on tax payable if any. I will also advise to file annual return for the year 2009-10.

On late filing of return a penalty of Rs 50 to 100 per day may be imposed.

iwant to ask 1 more doubt that since i deal in vat free goods than whether there wil be any penalty or not?

my advocate advised not to file return for last qtr [but i have already filed return for three quarters]] & said tht he will complete the assessment itself

As far as VAT return is concerned every business transaction carried on by individuals, partnership firms,co.'s etc.will come within the perview of VAT. All dealers with gross annual turnover of Rs.5 lakhs and above will have to compulsory register. Small dealers with gross annual turnover not exceeding Rs.5 lakhs will not be liable to pay VAT.  Dealers with annual gross annual turnover between Rs.5 lakhs and 50 lakhs have the option for a composition scheme with payment of tax at 1% of the gross turnover. However, such dealers are not eligible for availing input tax credit.

 sir what's ur opinion on my situation if i deal in clothing material.till now i file vat return of nil amt+++entry tax return paying entry tax for purchases out of state.....

Immediately go and registered your business in your state with concern authorities.

 sir i already got my tin no>>>>>>>>> i file vat return (nil amt) with this tin no

Dear Mr Dasd

Once you registered under the VAT Act, you have to file your return, even if no tax is payable or you are dealing in tax free goods declared under the VAT Act.

If you will not file your return you will be penalized under the VAT Act. The advice is given earlier is correct.