Kvat 240

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 On what basis the limit of vat240 audit is decided , and the turnover includes all sales or only the sales within the state.

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
Follow

11 November 2013 Turnover includes all sales and purchase also.
sec 2(35) of the act gives following definition for Total turnover:-
Total turnover’ means the aggregate turnover in all goods of a dealer at all places of business in the State, whether or not the whole or any portion of such turnover is liable to tax, including the turnover of purchase or sale in the course of interstate trade or commerce or in the course of export of the goods out of the territory of India or in the course of import of the goods into the territory of India and the value of goods transferred or despatched outside the State otherwise than by way of sale.
(36) ‘Turnover’ means the aggregate amount for which goods

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 On what basis the limit of audit under VAT 240 is decide.. whether it is the same in Income tax for TAX audit i.e 1crore.

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
Follow

11 November 2013 limit has been prescribed insection 31(4)of KVAT Act which is 100 lakhs per annum.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Richa Bajoria

Pavithra Doss

Dhananjay Patil

Raviraj ponkshe

CA Saurabh Jadhav

Subscribe Now

Kvat 240

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

Article Assistant

Accountant