whether Tin in mandratory for Tax Exempted Commodities - Business & Economy - Entrepreneurship - TIK Share

whether Tin in mandratory for Tax Exempted Commodities


Vasantharaju Urs

2015-02-07

Dear Sir 

 

Am running a manufacturing unit in Karnataka and my commodities/products are tax exempted under the KVAT so whether I need to have TIN Registration ? Please help me out 

Vedanta Deshika

2015-02-07

Well, absolutely not necessary because Sec 22 of KVAT Act, 2003 clearly tells only those dealers who have taxable turnover ( likely to exceed Rs 7.5 lakhs pa or Rs 62.5K pm) are liable to register.

Since Exempted sales do not form part of taxble turnover, you are exempt from registration. But, that does not stop you if you want to opt for Voluntary Registration. Getting a VAT Registration has got other benefits.

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