Tuesday, June 28, 2011

TOT Meaning ?

Turnover Tax (TOT)


Andhra Pradesh Value Added Tax Act, 2005 prescribes threshold limits for VAT registration - dealers with a taxable turnover of over Rs.40.00 lacs, in a tax period of 12 months, are mandatorily registered as VAT dealers. Dealers with a taxable turnover, in a tax period of 12 months, between Rs.5.00 to 40.00 lacs are registered as Turnover Tax (TOT) dealers

AP VAT dealer can buy goods for business from anywhere in the country, a TOT dealer is barred from buying outside the State of A.P.


Regards
G.Srinivas

12 comments:

  1. WHY TOT DEALERS CANT BUY GOODS FROM OUTSIDE ANDHRA ?

    ReplyDelete
    Replies
    1. TOT Dealers not authorized to buy goods from other state as the sellers asks for TIN number.

      www.AccountsGuy.Net

      Delete
    2. Dear Mr.Venkkatesh K,

      Everyone or Every VAT Dealer purchase goods from any VAT Dealer. but TOT dealer can't claim Input Credit.

      Delete
  2. i am running a food outlet {w/o seating) at chandigarh (U.T.) with sales turnover of about 15-18 lacs annually . am i eligible for TOT number instead of VAT as customers have to bear extra 12.5% on food as compare to 1% TOT( which i hv heard ) ... any solution ?

    ReplyDelete
  3. hi sir iam doing a businees of computer sales and service some coustomer arev asking about tin no. and iam doing a businees of 5 lak sir what should itake

    ReplyDelete
  4. Dear Sir, I am going to start Cloth Bussiness Like Saress & Dress Material,Shirt,Pants Etc, Can u suggest me which licence can i apply ( Tot / Tin )

    Regards
    Jabbar
    jjabbar786@gmail.com

    ReplyDelete
  5. Respected Sir, I am retail shopkeeper I have vat number now I want tot number can I transfer my stock from vat to tot number .if I have to pay vat on the stock is there any way to save that tax money on stock while I am transferring my stock from vat to tot number.
    thanx and regards
    Sanjeev

    ReplyDelete
    Replies
    1. Your keep the same form, but your started with new form then below 40 lakh, you will eligible TOT, enough.

      Delete
  6. sir i do travels and dish tv business in my village per annum i do 30 lakshs rotation i apply for loan bank manager as me tin num ? difference between tot and tin

    ReplyDelete
    Replies
    1. Hi,

      TIN Number is issued by your state sales tax dept.

      TOT is one type of TIN number, which was issued by your state sales tax dept.
      Just apply loan your TIN number

      Delete

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