VAT is a Multi-Stage tax levied at each stage of the value addition chain, with a provision to allow input tax credit on tax paid at earlier stage, which can be appropriated against the VAT liability on subsequent sale
Registration and payment of Taxes under VAT ACT can be of two types
- Registration and payment of Taxes under Full VAT.
- Registration and payment of Taxes under Composition Tax.
At the time of Registration option has to be selected – Full VAT or Composition Tax.
However, no registration is required where the annual turnover is below Rs 5 lacs. While if the business is carrying out inter-state sales, regardless of the quantum of turnover, the company is mandatorily required to register itself.
Applicability
VAT is applicable to those who are into the business of Sales/ Manufacturing/ Distributors/ Wholesalers/ Software Industry (Direct Exports).
Forms to be filled
- VAT Form 1
- VAT form 4 for Partnership (along with Form 1)
- VAT for 3 for additional Places of Business (along with Form 1)
Information/Documents required for filling up Registration Forms
- Name of the Dealer
- Name of The Company
- Postal Address
- Telephone No
- E-Mail Address
- Details of Director/ Managing Director/ Partners / Proprietor – Address, Ph.No, E-Mail ID
- Details of Authorized Signatory
- Nature of Business
- Date of Commencement of Business
- Date of Birth / Date of Incorporation – (in case of Company)
- PAN No of Partnership firm
- Commodities description
- Bank Account details
- List of Directors (in case of Companies)
- Details of the Company / Individual – in case of Proprietorship
The application forms to be supported with the following documents
- Incorporation Certificate of Company (in case of Companies)
- MOA & AOA (in case of Companies)
- Rental Agreement/ Lease Agreement of Company / Proprietorship
- Company PAN Card / Individual PAN card in case of Proprietorship
- Address Proof of Director – Lease / Rental Agreement
- ID Proof of Director – Pan Card / Election Card/ Passport/ Driving License
- Registration copies with other Departments like. VAT, PT, Labor dept.
- True copy of Board resolution empowering company representatives as Authorized signatories.
- Partnership Deed in case of Partnership firm
- Passport size Photograph of Director
- The Name Board of the company / Office would require to be displayed.
