Often known as TIN Number, it is mandatory for any manufacturing or trading business with a turnover of over Rs. 5 lakh.
Value-added Tax (VAT) Registration, also erroneously known as TIN and CST Registration, is mandatory for any business entity engaged in the sale of goods in India and a turnover of over Rs. 5 lakh (although it may be higher in some states). It is a multi-stage state tax that accumulates at various stages of production and supply. At every stage, the purchaser pays the tax and is allowed to offset the same on subsequent sale. Consumers, therefore, ultimately bear this tax. VAT is collected by the state government and it is essential to know what the VAT rate is for the type of good or service you provide in each state you provide it in. Returns need to be filed on the 20th of each month (partnerships, LLPs and proprietorships can do so quarterly).
Value Added Tax (VAT) is a tax levied on the sales of goods in India. Manufactures and traders should obtain VAT Registration, if they have annual sales of more than Rs. 5 lakhs (Rs. 10 lakhs in some states).
All purchasers of goods in India must pay VAT. However, at each stage, the person purchasing the goods is allowed to set-off the VAT paid against the VAT liability on subsequent sale. Thereby making the end consumer pay the VAT.
VAT / TIN / CST utilize the same unique 11 digit number. Therefore, VAT / TIN / CST are the same and obtaining VAT Registration from the State authorities will suffice as the TIN or CST Registration also.
VAT is determined and collected by the State Governments. Therefore, each State has a different VAT Regulation based on the type of goods sold. Therefore, it is best for businesses to be aware of the State's VAT Regulation applicable to them.
VAT Payments must be deposited in designated banks quarterly in case of Proprietary Firms, LLPs or Partnership Firms and monthly in the case of other type of business entities like Companies. VAT Returns must be filed monthly on the 20th.
For goods exported from India, VAT is not applicable. Therefore, exporters of goods are not required to pay VAT. However, it is advisable for exporters to obtain VAT registration.
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