Vat urd assessment

jaydeep (Querist) 12 March 2012 This query is : Resolved

I am a trader at Gujarat. but due to my small business i don't know about vat related matters. so one of my friend said me to charge vat, and i have started to charge vat without any registration and my turnove is 1500000 till date but i have chared vat on all the bills issued after 500000 turnover.

I have applied for vat registration 1 days ago.

1)Whether i have to pay above charged vat?
2)Whether i have to pay any penalty?
3)What other problems that i will face future because of this?

Please reply as early as possible

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Raj Kumar Makkad (Expert) 12 March 2012
You would have first got your registration and then would have collected vat but anyway, now you shall have to deposit and some panlity can also be imposed upon you.