Kvat audit - stpi unit
This query is : Resolved
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.
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
(Expert)
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
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
(Expert)
07 December 2012
Should it be services.. NO vat audit is required.
18 September 2013
I m sorry... That time i dint focus on that typing error.. it had to be service
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