Turnover under Income Tax v/s VAT (for audit applicability)
This query is : Resolved
09 August 2008
A person has sales of Rs.39,50,000/- and vat 4% on the same at Rs. 1,58,000/-, aggregating to Rs.41,08,000/-
Would he be liable to get his accounts audited under Maharashtra VAT ? The doubt is because the definition of "saleprice" under MVAT excludes sales tax.
Would he be liable to get his accounts audited under Maharashtra VAT ? The doubt is because the definition of "saleprice" under MVAT excludes sales tax.
CA. O.P. Agarwalla
(Expert)
17 September 2008
There is no doubt that after going through the definition of 'turnover of sale' and 'sale price', there is no doubt that the case referred here is not libale to be audited under MVAT Act.
I will further suggest you to go through page55-58 of' A guide to MVAT Audit' issued by WIRC of ICAI.
I will further suggest you to go through page55-58 of' A guide to MVAT Audit' issued by WIRC of ICAI.
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