FREQUENTLY ASKED QUESTIONS
1. What is rate of VAT?
– The VAT rate will depend on the type of goods being sold and the State in which the goods is being sold.
2. What are the documents required for VAT registrations?
– To obtain sales tax registration, a copy of PAN Card, proof of address of business, constitution of the business
[Partnership deed, Incorporation Certificate, etc.,] and Identity Proof of Promoters is required.
3. Who must obtain VAT registrations??
– VAT Registration applies if the annual turnover of the business crosses Rs. 5 lacs in most states, though some have raised this to Rs. 10 lacs.
4. When should VAT Payments be deposited?
– VAT payments must be deposited by Proprietary Firms, LLP and Partnership Firms quarterly. Other entities are required to make VAT payment monthly.
5. When should VAT be filed?
– VAT returns are due on the 20th of every month. The VAT information must be filed on the 20th of next month.