Limit of turnover under mvat for audit purpose
This query is : Resolved
26 April 2014
Dear Respected Colleagues,
I have been raised a query from one business house.
They have made Purchases of furniture and fixtures and other office equipments from MVAT Registered Dealers. The purchases are in the basic nature of leasehold improvements for their new office.
The entity does not wish to claim the input vat as refund and accordingly have filed their mvat returns. The entity is a registered dealer but does not have any MVAT payable transaction.
The query is as per S 61 of MVAT Act, it is the turnover of either purchases or sales crossing 60 lakhs. Hence, in this case, even though VAT purchases are crossing 60 lakhs, is the entity liable for MVAT Audit?
Please respond.
Thanks in Advance
CA Jayesh Kulkarni
I have been raised a query from one business house.
They have made Purchases of furniture and fixtures and other office equipments from MVAT Registered Dealers. The purchases are in the basic nature of leasehold improvements for their new office.
The entity does not wish to claim the input vat as refund and accordingly have filed their mvat returns. The entity is a registered dealer but does not have any MVAT payable transaction.
The query is as per S 61 of MVAT Act, it is the turnover of either purchases or sales crossing 60 lakhs. Hence, in this case, even though VAT purchases are crossing 60 lakhs, is the entity liable for MVAT Audit?
Please respond.
Thanks in Advance
CA Jayesh Kulkarni
26 April 2014
Yes sir As per my knowledge goes defination of turnover is sale or purchase whichever is higher
so if Purchase crosses Rs. 60 Lacs turnover crosses Rs. 60 Lacs and Form 704 is applicable
Regards
so if Purchase crosses Rs. 60 Lacs turnover crosses Rs. 60 Lacs and Form 704 is applicable
Regards
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