Who should get Registeration under VAT/TIN in Karnataka?
Any dealer whose sales cross 5 lakh in a year. He should apply for Vat/Tin and also specidifed dealers.
What if i dont register for VAT?
Vat inspectors keep inspecting the dealers from time to time and chances of harassment increases. And also to apply for Overdraft facility with banks one need VAT registration or other government certified document. And you cant avail tax Credit facility.
Go to karnataka VAT website. Click on e-Registation and fill the form and Submit Documents. Following are Documents –
1. Rental Agreement Of the business place
2. Rental Agreement of the Residence place
3. All the Director pan card copy
4. MOA & AOA
5. Company pan card copy
6. All the Director any id & adress proff like- voter id, aadhar card, DL, Gas bill connection
7. Two photo of each director
8. Bank Details of managing director
9. Electricity bill of the business place & residence place
For Partnership Firm-
1. Rental Agreement of the business place & residence place
2. Pan card copy for each of the partner
3.Residence Address proff of each of partner like- voter id, aadhar card, DL, Any other proff related to partner Residence Address.
4. Partnership Deed
5. Firm pan card copy
6. Bank Details of Managing Partner
7. Electricity bill of business & residence place
8.Two photo of each of partner
9. commodity related to business
1. Rental Agreement of business & residence place
2. pan card copy of the proprietor
3. Residence Address proff like- voter id, aadhar card, DL & any other related proff for residence address
4. bank details of proprietor
5. Two photo of proprietor
Electricity bill of business & residence place
Pay the Registration fees online or offline.
Inspector will inspect the dealers premises, once inspection is over. Security Deposit has to be made. Upon satisfication by Commissionar of VAT, certification of registration will be issued. User id and password will be issued by department to file online returns.
What are the legal Requirements once Registration is completed?
Dealers have to issue invoices mentioning TIN number on all bills/invoices. Applicable VAt to be charged on all bills.
Every Month/quarter Vat return has to furnished online and also VAT collected in excess of available credit to be remitted to government.
If sales cross 1 crore in a year, compulsory VAT audit has to be done.
You Can Help From Various Chartered Accountants, Company Sectary and Lawyers in Karnataka State to Get Done Your VAT Registration So Just Submit Your Requirements and Get Quotes within Minutes From Various Service Providers.