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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- ARCA LOGIN
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
