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17 Dec 2012 05:06 AM #21
If you are in India, you have a limit of Rs. 900000/- up to which registration for VAT and Service Tax is not compulsory. Once you reach this level 9 lacs, you have to compulsorily get registered and get the VAT no, but yet you do not have to pay even a single rupee as a VAT or service tax. If you cross the limit of rs.10 lacs, you are eligible to get registered and pay tax.
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17 Jun 2013 05:40 AM #22
Hi,
VAT represents an important instrument against tax evasion and is superior to a business tax or a sales tax from the revenue security point of view for three reasons. After registering VAT you can raise your tax invoices to other parties, as with out tin no. You can't issue tax invoices. If your turnover exceeds the threshold limit for registration, you must compulsorily register yourself under the vat act.
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