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Meaning of turnover for vat audit.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2013 VAT Audit is compulsory for dealers with T.O more than 1 crore ,can I know what the T.O includes ,whether MODVAT is to be included to derive the Turn over ? Please also mention the sections.

CA Parul Saxena

CA Parul Saxena (Expert)
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25 October 2013 yes to be included.....infact at the time of accounting excise duty is added to the sales as per the guidance note and shown by way of deduction from sales in profit and loss account.

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2013 Thanks Mr. Saxena

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