What are the provisions of registration under MVAT act?
What are the provisions of registration under MVAT act?
¨Every dealer who becomes liable to pay tax under the provisions of MVAT , shall apply electronically for registration to the prescribed authority, in form 101, within 30 days from the date of such liability….Registration under MVAT Act, 2002.
| TYPES OF REGISTRATION | TIME LIMIT |
|---|---|
| Transfer of Business | Within 30 days of such transfer. |
What is set off in VAT?
VAT has also made tax structure more simple and transparent. VAT is based on value addition to the goods and VAT liability of dealers is calculated by subtracting the input tax credit from tax collected on sales. Thus it set-off the tax paid earlier. Concept of rebate or input tax credit is used to give VAT effect.
How the refunds of any period can be adjusted under MVAT act?
Refunds of any period can be adjusted in the return/s for subsequent or any other period/s within the same financial year. As per earlier provisions of MVAT Act, refund could not be adjusted against liability of the subsequent year; i.e., excess credit was not allowed to be carried forward to the next financial year.
What are the rules for set off under MVAT?
¢ Reduction in set-off as per Rule 53. ¢ Non-admissibility of set-off under Rule 54. ¢ General Conditions for claim and grant of set-off: Purchase to be effected from Registered Dealer. Purchase should be after appointed day. On Tax Invoice (as per Sec 86) Tax invoice should contain the declaration as prescribed under Rule 77.
When to apply for registration under MVAT Act?
¨Every dealer who becomes liable to pay tax under the provisions of MVAT , shall apply electronically for registration to the prescribed authority, in form 101, within 30 days from the date of such liability. Within 30 days from date of exceeding turnover. Within 30 days of such change.
When does a dealer have to pay MVAT?
A dealer, applying for voluntary registration, shall be liable to pay tax from the date of registration. Every dealer, who becomes liable to pay tax under the provisions of MVAT law, shall apply electronically for registration, within 30 days from the date of such liability.
Who is liable to pay tax under MVAT Act?
¨As per the provisions of MAHARASHTRA VALUE ADDED TAX ACT, 2002 (MVAT), a dealer is liable to pay tax on the basis of turnover of sales within the state. 1.The dealers holding a valid registration certificate under the earlier laws, whose turnover of either sales or purchase exceeds the specified limits during the F.Y 2004-05.