Turnover limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2013
Please can anyone help me to tell that what is the turnover limit for West Bengal vat audit for the financial year 2012-13 in case of companies, partnership firms and proprietorship firm. Also last date for vat audit
CA.Shubhneet Kaur
(Expert)
12 November 2013
The ceiling for conducting VAT Audit as prescribed in Section 30E to be carried out by a Chartered Accountant or a Cost Accountant has been enhanced from Rs.3 Crore to Rs.5 crore for the financial year 2013-2014. Thus, for the financial year 2012-2013 the ceiling will remain at Rs. 3 Crore. However, all Private and Public Limited Companies have to carry out the said Audit irrespective of their Turnover of Sales or Contractual Transfer Price or Turnover of Purchases.
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