You need to file returns either monthly or quarterly, depending on your location and turnover.
We do a through check of the files you send in
We will appoint an affiliate to process your application
The TIN will be issued within 15 days of the application
All business entities engaged in the sale of goods (traders and manufacturers) need to have a Value Added Tax (VAT) Registration, often called TIN Registration, once their annual turnover crosses around Rs. 5 lakh (Rs. 10 lakh in some states). The tax needs to be collected from consumers and deposited in a designated bank account to the state government. As VAT is decided by the state, the rates, due dates and even websites for filing returns differ by state. If you have operations in more than one location, you would, therefore, need to file returns separately. Return filing needs to be done once every month or once every quarter, depending on your location and turnover. Additionally, all states require a consolidated return to be filed at the end of the year. Vakilsearch can ensure that you never miss a VAT due date by setting reminders for the information you would need to provide and always filing your returns before the due date.
Whether or not you need VAT registration right now depends on the state in which your business is operating. In most states, registration is not required at all until your turnover crosses a certain threshold. This is usually Rs. 5 lakh in annual revenues. It also matters what it is you’re selling, as some items may be exempt. Salt, for example, is exempt from VAT.
To file returns on your own, you would need to have the login details for your VAT account, which would have been given to you at the time of registration, the software for preparing the returns (this is available on the government commercial taxes website) and all the VAT receipts for the period you are filing the returns for. Of course, you should also know your TIN number.
Yes, it is certainly better to file VAT returns online. Particularly given that filing VAT returns can take a whole day every month, it is best to do it online. This is because it is quicker to do so and saves you the trouble of travelling to the VAT office to file physically. The online system also gives you realtime feedback, so it's no different than filing the return in person. On the other hand, some state government websites are often down for extended periods of time.
VAT is collected at every stage of production, so some of the amount you collect from your customers will be retained by you, while the remainder will be paid to government via designated banks on a monthly basis. Returns must also be filed. The date and frequency differs with every state.
Businesses with a turnover of between Rs. 10 lakh and Rs. 50 lakh can simplify VAT compliance by applying for the VAT Composition Scheme. By joining this scheme, they will pay a lower rate of tax, that is fixed, and file only quarterly, or, for some businesses, annual returns.
Yes, all Indian states have websites (although some don't work very well) that allow payment of the VAT collected and return filing.
We will collect all the necessary information and documents (TIN Number, balance sheet, tax liability, state of operation) to prepare your returns. Once done the first time, our affiliate will then ensure that you are always reminded of the filing date so you don't end up paying penalties.
We will give you the opportunity to review the filing. One you approve it, we will file the returns with the state government. Upon successful completion of the process, we will mail the acknowledgment form to your registered email address.
|VAT Registration||Service Tax Registration||Importer-Exporter Code||Shops & Establishments Act||Profession Tax Registration|
Who It's For
|Sellers of goods||Service providers||Importers & exporters||All businesses||All employers|
When You Need It
|When sales cross Rs. 5 lakh||When sales cross Rs. 9 lakh||For any imports or exports||Within 30 days of operations||Within 30 days of operations|
Returns to be Filed
|State Government||Central Government||Directorate General of Foreign Trade||Municipal Corporation||State Government|
|Know More »||Know More »||Know More »||Know More »|
We've tied-up with some of the best vendors in major cities of the country to get you your VAT Returns filed. We perform this service for 100s of vendors every month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.