21 January 2011
A dealer has turnover of 8 crores in MP. In Maharashtra turnover is zero. He is registered in both the states. What will be the gross turnover for the purpose of MVAT Audit & Will he be liable for Audit under MVAT Act in Maharashtra.
21 January 2011
for the purpose of MVAT Audit in Maharashtra, the turnover within the state of Maharashtra is considered. However since the dealer is registered in Maharashtra also, it is better that he undergoes the MVAT Audit. However in my opinion, since there is no turnover within Maharashtra, no liability will accrue as trial balance of activities within Maharashtra State is considered for the purpose of MVAT Audit.
CAclubindia
