Audit Of MVAT
This query is : Resolved
28 June 2008
if there is no trading of goods. but purchased of capital assets like furniture n machinery of above RS.40Lacks
in that case shall mvat audit is mandatory under sec 61 of MVAT ACT.
in that case shall mvat audit is mandatory under sec 61 of MVAT ACT.
Nilesh Damji Chheda
(Expert)
15 July 2008
dear anupam
the condition for MVAT Audit is sales or purchase is 40lakhs or above.
the defination of purchase include trading purchase,purchase debited to profit & loss account, capital item capitalised.
thus even purchase of capital assets above Rs,. 40 lakhs qualify for MVAT Audit
dear anupam
the condition for MVAT Audit is sales or purchase is 40lakhs or above.
the defination of purchase include trading purchase,purchase debited to profit & loss account, capital item capitalised.
thus even purchase of capital assets above Rs,. 40 lakhs qualify for MVAT Audit
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