VAT-Registration and Procedural Aspects, 10 Questions Quiz!
Likewise other taxes in India, Value added tax also requires registration of firm on certain conditions prescribed. Since VAT is administered by respective State Governments, so the registration process and eligibility may vary state to state.
A dealer under VAT system can opt for registration voluntarily. There is a time limit under which a dealer has to get himself registered after fulfilling the prescribed condition by the law. A uniform TIN is provided to all over India distributor for better administration of VAT as well as Central Sales Tax.
Here is quiz to check your knowledge!
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Question 1 of 10
1. Question1 points
Time period for getting registration for VAT after crossing the prescribed limit?Correct
Time period for getting registered after crossing the prescribed limit on turnover is 30 days.Incorrect
Question 2 of 10
2. Question1 points
Dealer can opt out from composition scheme afterCorrect
Dealer can opt out from composition scheme at any time.Incorrect
Question 3 of 10
3. Question1 points
If a dealer is purchasing goods from a dealer covered under composition scheme, no VAT credit is allowed to such a purchasing dealer.Correct
A purchase from a dealer under composition scheme is not eligible for VAT credit as such dealer does not pay the tax like other dealers.Incorrect
Question 4 of 10
4. Question1 points
Dealer have to register himself for VAT even his tunover is below prescribed limit in caseCorrect
Apart fromturnover, there are certain conditions in which a dealer have to get himself registered.Incorrect
Question 5 of 10
5. Question1 points
Dealer who has opted for composition need not to pay VAT.Correct
Dealer under composition scheme needs to pay tax but at a fixed amount prescribed by the State Govt.Incorrect
Question 6 of 10
6. Question1 points
Tax payerâ€™s Identification Number(TIN) is ofCorrect
Tax payerâ€™s Identification Number(TIN) is of 11 digits.Incorrect
Question 7 of 10
7. Question1 points
Tax payerâ€™s Identification Number(TIN) contains code for state in which firm is registered.Correct
First two digits of TIN denotes codes prescribed for respective state.Incorrect
Question 8 of 10
8. Question1 points
Composition scheme is not available in case ofCorrect
Under certain conditions,, compostion scheme is not available.Incorrect
Question 9 of 10
9. Question1 points
A dealer covered under composition scheme is not allowed to issue tax invoice.Correct
A dealer covered under composition scheme is not allowed to issue tax invoice as he does not pay tax like other registered dealers and he is also not elgible for VAT credit.Incorrect
Question 10 of 10
10. Question1 points
Dealer can opt for composition scheme if turnover isCorrect
Dealer can opt for composition scheme if turnover is 50 lakhs or less.Incorrect