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Registering under VAT

VAT registration is required for any business that is into sales either by way of trading, manufacturing, whether individuals, partnerships, Companies, or other forms of businesses. This is to be applied with the local Sales Tax Department in the prescribed forms along with specified fees and necessary documents. On completion of the formalities, a Tax Identification Number (TIN) is granted.

Some Benefits of having a VAT registration:
  • Tax invoices can be issued to other parties, as without TIN No. it is not possible.
  • Get the benefit of input tax credit i.e. The difference between purchase tax and output tax, which will be set-off against the net tax payable if your sales tax arises in transaction.
  • Taxability of a registered dealer is lower than an unregistered dealer.
  • Increases credibility as some businesses prefer dealing with suppliers that are VAT-registered.
Registering under CST

Every dealer who effects inter-state sale is required to register with State sales tax authorities who are empowered to grant registration under CST Act. CST arises in the state from which goods are sold. The following are some of benefits of having CST registration:-

  • The registered dealer is entitled to get the benefit of sale at a concession rate of 2%
  • Unregistered dealer is required to pay tax on sale at rate prevailing in the respective state VAT act
  • A registered dealer also get exemption from CST in certain cases on filling certain forms to which an unregistered dealer is not eligible
 
 
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