23 January 2014
ONE OF US CLIENT IS A BUILDER AND HE IS CHARGING VAT U/S 42(3A) I.E. 1 %. HE IS ENGAGED INTO CONSTRUCTION AND SELL OF FLATS AND AS PER THE RULES HE IS NOT TAKING SET OFF. BUT UNDER VAT AUDIT IS HE LIABLE TO SHOW HIS PURCHASE TURNOVER ? AND ANNEXURE J -2 (SUPPLIER WISE TRANSACTION LIST) IS APLLICABLE OR NOT?
CAclubindia
