VAT is value added tax, levied on the sale of goods in India. Each State in India has different VAT Regulation and different tax rates are applicable for different types of products. Therefore the VAT Rate and Exemptions will be unique to each state and type of goods sold.
Anyone who sells anything, be it goods, products or anything that can be felt or touched, requires a VAT registration if the turnover exceeds 10 LACS (In case of Maharashtra)
A copy of PAN Card, proof of address of business, constitution of the business and proof of identity of the promoters is required. In addition, security deposit or surety or reference maybe required to obtain VAT Registration based on the state in which the business operates.
VAT Registration is issued by the State Government. Therefore, based on the State, the processing time for obtaining VAT Registration will differ. In general, VAT Registration can be obtained in 8 - 10 working days.
The rate of VAT will depend on the type of goods being sold and the State in which the good is being sold. Therefore, it would be best to check with the local Sales Tax Office for the appropriate tax rate applicable for the goods to be sold.
VAT returns are due on the 21st of every month/quarter/half year. The previous months VAT information must be filed on the 20th of every month.
VAT payments must be deposited by entities at the time of filing the VAT returns.
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