who are liable to be registered under Vat Act
Answers were Sorted based on User's Feedback
Answer / neena sethi
A dealer whose turnover exceeds the prescribed limit is
liable to pay tax .
Two categories : 1) Importer : Total turnover of sales
exceeds Rs 1,00,000 and value of taxable goods sold or
purchased is not less than Rs 10,000.
2) Others : Total turnover of sales
exceeds Rs 5,00,000 and value of taxable goods sold or
purchased is not less Rs 10,000.
| Is This Answer Correct ? | 24 Yes | 3 No |
Answer / sourabh
THOSE DELR WANT TO PURCHASE OUTSIDE OF THE STATE AND THOSE
ONE ALSO WHOM WANT TO CLAIM VAT INPUT AND WHEN TURNOVER
UPTO 500000 THEN VAT REGISTRAION ARE NECCASERY
| Is This Answer Correct ? | 10 Yes | 9 No |
Answer / pallavi sharma
A dealer whose turnover exceeds tha prescribed limit is liable to pay tax. Limit is 10 lakhs.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sandeep
whose turn over is more than 200000 he should registerd
under VAT.
| Is This Answer Correct ? | 3 Yes | 10 No |
service tax
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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