MVAT Audit Limit for Hotels Selling Liquor FY 2019-20
This query is : Resolved
05 December 2019
A Hotel is Having restaurant and Bar and selling both the items on a normal course of Business.
The company is registered under Maharashtra VAT and GST.
Can you let me know the limit and criteria for VAT Audit for FY 2019-20 in Maharashtra?
Thanks
The company is registered under Maharashtra VAT and GST.
Can you let me know the limit and criteria for VAT Audit for FY 2019-20 in Maharashtra?
Thanks
09 July 2024
In Maharashtra, the criteria and limits for VAT audit for FY 2019-20 are as follows:
### VAT Audit Criteria for FY 2019-20 in Maharashtra
1. **Turnover Limit**:
- The turnover limit for VAT audit under Maharashtra VAT Act is generally specified by the respective state government. For FY 2019-20, the turnover limit for VAT audit in Maharashtra was **₹1 crore**.
2. **Applicability**:
- If the turnover of a registered dealer exceeds the specified turnover limit during the financial year, they are required to undergo a VAT audit.
3. **Audit Requirements**:
- VAT audit involves the examination of a dealer’s financial records and compliance with VAT regulations. It ensures that the dealer has correctly calculated, collected, and remitted VAT on sales, purchases, and other transactions as per the provisions of the Maharashtra VAT Act.
### Important Points to Consider:
- **Turnover Calculation**: The turnover for VAT audit purposes typically includes taxable turnover (sales liable to VAT) and exempt turnover (sales exempt from VAT).
- **Conducting the Audit**: The audit is usually conducted by a Chartered Accountant (CA) or a practicing Cost Accountant who submits a report to the Maharashtra Sales Tax Department.
- **Due Date for Audit**: The due date for filing the VAT audit report and related forms is usually specified by the Maharashtra Sales Tax Department and should be complied with to avoid penalties.
- **Impact of GST**: With the introduction of GST, the VAT regime has been largely subsumed. However, for FY 2019-20, VAT audits were still applicable based on the turnover criteria under the Maharashtra VAT Act.
It’s advisable to consult with a local tax advisor or a Chartered Accountant familiar with Maharashtra VAT laws to ensure compliance with the specific requirements and to address any updates or changes that may have occurred since FY 2019-20. They can provide tailored advice based on the latest regulations and assist in preparing and filing the VAT audit report if required.
### VAT Audit Criteria for FY 2019-20 in Maharashtra
1. **Turnover Limit**:
- The turnover limit for VAT audit under Maharashtra VAT Act is generally specified by the respective state government. For FY 2019-20, the turnover limit for VAT audit in Maharashtra was **₹1 crore**.
2. **Applicability**:
- If the turnover of a registered dealer exceeds the specified turnover limit during the financial year, they are required to undergo a VAT audit.
3. **Audit Requirements**:
- VAT audit involves the examination of a dealer’s financial records and compliance with VAT regulations. It ensures that the dealer has correctly calculated, collected, and remitted VAT on sales, purchases, and other transactions as per the provisions of the Maharashtra VAT Act.
### Important Points to Consider:
- **Turnover Calculation**: The turnover for VAT audit purposes typically includes taxable turnover (sales liable to VAT) and exempt turnover (sales exempt from VAT).
- **Conducting the Audit**: The audit is usually conducted by a Chartered Accountant (CA) or a practicing Cost Accountant who submits a report to the Maharashtra Sales Tax Department.
- **Due Date for Audit**: The due date for filing the VAT audit report and related forms is usually specified by the Maharashtra Sales Tax Department and should be complied with to avoid penalties.
- **Impact of GST**: With the introduction of GST, the VAT regime has been largely subsumed. However, for FY 2019-20, VAT audits were still applicable based on the turnover criteria under the Maharashtra VAT Act.
It’s advisable to consult with a local tax advisor or a Chartered Accountant familiar with Maharashtra VAT laws to ensure compliance with the specific requirements and to address any updates or changes that may have occurred since FY 2019-20. They can provide tailored advice based on the latest regulations and assist in preparing and filing the VAT audit report if required.
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