|
| This query is : Resolved
|
|
Tarika
( Author )
24 May 2012
|
If case of Voluntary registered dealers, while calculating the Turnover of Purchase & Sale for determining whether VAT Audit will be applicable or not, What period should be selected ? i.e from the date of Voluntary registration to Year end or full financial year?
|
|
|
|
CA Nishikant Jaiswal
( Expert )
25 May 2012
|
In the given case Gull Financial year turnover should be considered under MVAT Act 2002.
|
|
|
|
Tarika
( Author )
25 May 2012
|
Case:
Voluntary Registration taken on 01/03/2012.
Taxable Turnover does not exceed Rs 5Lac.
However Purchase Turnover for 01/04/2011 to 31/03/2012 exceed Rs 60Lac.
Whether VAT Audit will be applicable or not?
|
|
|
|
Tarika
( Author )
25 May 2012
|
Case:
Voluntary Registration taken on 01/03/2012.
Taxable Turnover does not exceed Rs 5Lac.
However Purchase Turnover for 01/04/2011 to 31/03/2012 exceed Rs 60Lac.
Whether VAT Audit will be applicable or not?
|
|
|
|
Tarika
( Author )
25 May 2012
|
Case:
Voluntary Registration taken on 01/03/2012.
Taxable Turnover does not exceed Rs 5Lac.
However Purchase Turnover for 01/04/2011 to 31/03/2012 exceed Rs 60Lac.
Whether VAT Audit will be applicable or not?
|
|
|
|
Tarika
( Author )
25 May 2012
|
Case:
Voluntary Registration taken on 01/03/2012.
Taxable Turnover does not exceed Rs 5Lac.
However Purchase Turnover for 01/04/2011 to 31/03/2012 exceed Rs 60Lac.
Whether VAT Audit will be applicable or not?
|
|
|
|
CA Nishikant Jaiswal
( Expert )
25 May 2012
|
As per sec 61 (1) Every dealer liable to pay (in given case as registration is taken on 01/03/2012 so dealer is liable to tax) (a) if his turnover of sales or as the case may be purchases exceeds Rs 60 lakhs in any year is liable for VAT Audit .
So in given case VAT Audit will be applicable.
|
|
|
|
prakash kochar
( Expert )
27 May 2012
|
Agree with expert.
|
|
|
|
|
Previous
Next |
|
You need to be the querist or
approved
CAclub expert to take part in this query .
Click here to login (
 ) now
|
| Similar Resolved Queries : |
|
|
|
