Kvat audit - stpi unit

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CA KSB (Querist)
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04 December 2012 Dear Sir,

Whether VAT audit in Karnataka is applicable on a STPI unit? Said unit is only into the business of exporting services. Transaction in goods is only scrap sales. Further, their total turnover(including export of sales) crosses Rs 100 lakhs, with export of sales it very less- negligible. Plz advice.

CA. Hari Kishan

CA. Hari Kishan (Expert)
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05 December 2012 VAT audit is applicable on total turnover (incl. exempted sales, export TO) for Karnataka value added tax purposes. The present audit limit is Rs.1 Cr for the year 2011-12 and onwards. Hence you shall require to get your VAT audit done. for further clarification you can mail on pc_chhajer@yahoo.com

CA KSB

CA KSB (Querist)
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06 December 2012 But turnover in goods is not even 1lakh. Definition of turnover refers only goods under kvat. So will that apply?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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07 December 2012 Should it be services.. NO vat audit is required.

CA KSB

CA KSB (Querist)
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18 September 2013 I m sorry... That time i dint focus on that typing error.. it had to be service

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