Live
- ‘Bachhala Malli’ trailer heightens anticipation
- Karnataka quota row: Backward Class forum chief warns Lingayat seer over 'tinkering with reservations'
- Tight security arrangements at Group-II examination centers District SP
- Alia Bhatt captures attention in white
- Varun Dhawan talks about ‘Baby John’
- ‘Moonwalk’ trailer promises a quirky heist, love, and loyalty
- Combat leaf spot disease
- Ahsaas Channaopens up about her complex character in ‘Mismatched 3’
- Radhika Apte welcomes first child, shares heartfelt post
- Jacqueline dazzles at Da-Bangg Reloaded concert
Registration of TOT: Erring traders warned
Telangana State Commercial Taxes Commissioner V Anil Kumar has said under Section 4(2) of VAT Act 2005, whose taxable turnover in a period of 12 consecutive months exceeding Rs 7.5 lakh but does not exceed Rs 50 lakh, are liable to be registered for Turnover Tax (TOT), and shall pay tax at one per cent on the taxable turnover. Further all traders, purchasing goods for business from other States (CST purchases) should be registered as a “dealer” under the
Hyderabad: Telangana State Commercial Taxes Commissioner V Anil Kumar has said under Section 4(2) of VAT Act 2005, whose taxable turnover in a period of 12 consecutive months exceeding Rs 7.5 lakh but does not exceed Rs 50 lakh, are liable to be registered for Turnover Tax (TOT), and shall pay tax at one per cent on the taxable turnover. Further all traders, purchasing goods for business from other States (CST purchases) should be registered as a “dealer” under the provisions of State VAT Act.
The Commissioner stated that it came to the notice of the Department that many traders, whose Taxable Turnover was more than 7.5 lakh in 12 consecutive months, had not obtained mandatory registration for GRN number. The dealers, who already registered under the provisions of the TOT or otherwise were purchasing the goods for the purpose of business from other States without a valid TIN number, they need to register or migrate under the provisions of TVAT Act to obtain GRN/TIN.
Hence all the dealers, traders were advised to contact and register themselves with the local Commercial Tax Office and remit Taxes as per the provisions of VAT Act 2005 immediately, he added. In this regard, an intensive street survey would be conducted by the officials and any non-compliance of the Act would be viewed seriously, apart from the Tax due, severe penalty provisions would be invoked as per the provisions against the violators, he warned.
