Value Added Tax (VAT)
VAT Registration – Overview
Businesses must register as regular taxable persons under the Goods and Services Tax (VAT) if their annual revenue exceeds the threshold limit of Rs. 40 lakhs (in case of goods), Rs. 20 lakhs (in case of services), or Rs. 10 lakhs, as applicable. VAT registration is the term for it.
It is mandatory to generate the VAT if annual turnover exceeds the above prescribed limit. If the company conducts business without registering for VAT, it is an offence and faces severe penalties.
It typically takes 4 to 6 working days to register for VAT. In 3 simple steps, Team HT Corps can assist you in obtaining VAT registration more quickly.
GST Services
VAT Registration
VAT Return Filing
VAT Surrender/Cancel
VAT Modification
Update
VAT NIL Return Filing
VAT Annual Filing
Documents required for VAT registration
The following documents are required to register of VAT
- PAN of the Applicant(Proprietor)
- Aadhaar card
- Proof of business registration or Incorporation certificate
- Identity and Address proof of Promoters/Director with Photographs
- Address proof of the place of business
- Bank Account statement/Cancelled cheque
- Letter of Authorization/Board Resolution for Authorized Signatory
- Rent Agreement in case the PPOB(Principal Place of Business) is rented
Benefits of Having VAT Number
- Become more competitive in the Market.
- Interstate trading is impossible without having a VAT number. It is possible only after registering the business under VAT.
- Expansion of business online.
- Get Input Tax Credit.
- If you have a VAT Number, you can avail Input Tax Credit while filing for VAT return.
- Interstate sales without restrictions.
- You can sell your products in other states only after completing the registration for VAT.