Turnover definitions as per vat audit
This query is : Resolved
Rahul K Mehta
(Querist)
28 November 2015
On Nov 27, 2015 9:36 PM, rahul mehta wrote:
Dear Sir
We read your article on tax audit.
Can you guide us
As per sales tax rule the vat audit is compulsory for turnover of 1 crore from 2013-14.
Now how is turnover defined is my question in VAT Audit
Sale amt + MVAT amt = Net Sales
9980000+ 1100000 = Rs. 11080000/-
Sale amt without VAT is turnover. Or Net sales is turnover.
VAT Audit to be done or not qualifying as per rule limit 1Crore.
Awaiting your reply.
Rahul
9324706211.
Lenovo P70-A
Dear Sir
We read your article on tax audit.
Can you guide us
As per sales tax rule the vat audit is compulsory for turnover of 1 crore from 2013-14.
Now how is turnover defined is my question in VAT Audit
Sale amt + MVAT amt = Net Sales
9980000+ 1100000 = Rs. 11080000/-
Sale amt without VAT is turnover. Or Net sales is turnover.
VAT Audit to be done or not qualifying as per rule limit 1Crore.
Awaiting your reply.
Rahul
9324706211.
Lenovo P70-A
Amol S Joglekar
(Expert)
29 November 2015
VAT audit is required to be done in this case.
Prakash Kochar
(Expert)
07 December 2015
Under Maha. VAT Act, as per sect. 2(25)Expl. II, vat tax charged separately is not to be consider in sale price. Turnover of sale is to be consider without vat tax charged separately.
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