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This query is : Resolved
22 February 2021
who are the peoples requiring mvat audit under mvat law.....and what is expemption for petrol pumps for fy 19-20?
06 July 2024
Under the Maharashtra Value Added Tax (MVAT) law, the following entities are required to undergo MVAT audit:
1. **Turnover Criteria**: Any dealer whose turnover exceeds the prescribed threshold limits as per the MVAT Act and Rules during the financial year is required to undergo MVAT audit. These thresholds may vary based on the nature of the business and other factors specified in the law.
2. **Specific Triggers**: Apart from turnover, there may be specific triggers such as composition scheme, interstate sales, export sales, etc., that could also necessitate MVAT audit.
Regarding the exemption for petrol pumps for FY 2019-20 under MVAT law:
- Petrol pumps in Maharashtra were exempt from the requirement of obtaining a VAT/CST registration and filing returns under the MVAT Act during the relevant period. This exemption was provided as per the government notifications and rules applicable at that time.
It's important to check the specific notifications and circulars issued by the Maharashtra government or consult with a local tax professional for the most accurate and updated information regarding MVAT audit requirements and exemptions for petrol pumps.
1. **Turnover Criteria**: Any dealer whose turnover exceeds the prescribed threshold limits as per the MVAT Act and Rules during the financial year is required to undergo MVAT audit. These thresholds may vary based on the nature of the business and other factors specified in the law.
2. **Specific Triggers**: Apart from turnover, there may be specific triggers such as composition scheme, interstate sales, export sales, etc., that could also necessitate MVAT audit.
Regarding the exemption for petrol pumps for FY 2019-20 under MVAT law:
- Petrol pumps in Maharashtra were exempt from the requirement of obtaining a VAT/CST registration and filing returns under the MVAT Act during the relevant period. This exemption was provided as per the government notifications and rules applicable at that time.
It's important to check the specific notifications and circulars issued by the Maharashtra government or consult with a local tax professional for the most accurate and updated information regarding MVAT audit requirements and exemptions for petrol pumps.
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