VAT or Value Added Tax is nothing but the levy, which was mainly established by the Indian Government in 2000. The service tax and the VAT tax have been replaced by a uniform tax regime, which is also for GST (Goods and Services Tax).
Mainly VAT is levied by Central Government on value-added to the service or product right before reaching to final customers. VAT registration is extremely important and necessary for each, and every trader out there who get involved actively with the production of services and manufacturing companies.
A General Overview of VAT
A VAT is absolutely similar to Sales Tax, but it’s entirely dissimilar from the sales tax considering that it is collected once at the time of purchasing. In recent times, online VAT registration is nowadays picking pace up among all those business tycoons all over the nation since this is actually flexible and simplified in comparison to traditional methods.
The VAT has been charged on the value added to the specific product, and for that, a final customer has to pay as per the rules and regulations. All of the manufacturing firms and business organizations require being registered as per the VAT registration act of the country in order to VAT annually. The VAT registration is considered as a very simple procedure and can be done in less or little time.
VAT Registration Procedure:
- If you are going for the VAT registration process, then you will have to know that this is very basic and simple, as well. But based on the city or a state, there are just minor variations on the VAT registration process.
- The application, along with the documents, requires to be submitted to the functional local VAT office.
- Once you submit the documents, the local VAT office will call you and conduct a simple inspection of that premise in three to four days after being submitted the documents and applications.
- Once they are done with the inspection, the relevant deposit fee to be paid as well.
- On payment of the Professional fee deposit, the TIN No. will be assigned, and Certificate will be issued within one day.
Knowing about the Online VAT Registration Procedure:
- The very first thing you will have to do is to log onto the state VAT website and then click on the registration tab
- After that, you will have to add a few data and information and then attach documents as a request for your company
- You might be allotted the temporary VAT registration number as well
- In fact, once the verification is done, you will be assigned the Permanent VAT registration number
- After that, you will get a notification, and you can quickly check your VAT status online without a hassle