Value Added Tax (VAT)/Sales Tax Compliance & Assistance

Value Added Tax

Need for VAT Compliance and Assistance:

VAT is the short form of Value Added Tax. VAT is the tax that has replaced the earlier levy of Sales Tax. Under the earlier first point system of levy of tax, the manufacturer or the importer of goods into the State was liable to sales tax. There was no levy of sales tax on the further distribution channel. VAT, in simple terms, is a multi point levy on each of the entities in the supply chain with the facility of set off of Input Tax i.e., the tax paid at the stage of purchase of goods by a trader and on purchase of raw materials by a manufacturer. i.e., only the value addition in the hands of each of the entities is subject to tax.

When VAT registration is required?

  1. If a person has started new business and the turnover exceeds Rs. 5 Lakhs along with taxable turnover of Rs. 10,000/- the application is to be made within 30 days from the date of exceeding the turnover.
  2. In case any person wants to apply for registration whose turnover is below Rs.5 lakhs, he can apply for voluntary registration U/s.22 of GVAT by depositing a sum of Rs. 25,000/- in to Government treasury which deposit is adjustable towards future tax liability.

How our service will assist you

  • Registration under the GVAT and CST
  • Registration for Tax Deduction Number(TDN)
  • Classification of goods and accordingly identifying the rate of Vat
  • Advice on deduction of tax at source, works contract, Leasing & revenue Purchase (hire-purchase) etc.
  • E-filing of VAT returns
  • Helping in obtaining the C-Form, H-Form, F-Form etc.,
  • Appearing before the authorities for Assessment, etc.,
  • VAT Audit.

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