vat audit
This query is : Resolved
13 February 2010
Normaly if sales or pur turnover exceed
Rs. 40,00,000 the business has came into vat audit.But which turnover above 40,00,000 Gross turnover sales\pur(inclued vat) or net sales\pur exceed Rs. 40,00,000.
e.g. If Sales 38,00,000 or Vat 4,00,000
The business will be come under vat audit.
( Which section & rule)
Rs. 40,00,000 the business has came into vat audit.But which turnover above 40,00,000 Gross turnover sales\pur(inclued vat) or net sales\pur exceed Rs. 40,00,000.
e.g. If Sales 38,00,000 or Vat 4,00,000
The business will be come under vat audit.
( Which section & rule)
13 February 2010
Dear Pravin,
If the turnover exceeds Rs 40 lacs than u have to go for VAT audit. But the exception is also there like the state of west bengal where VAT Audit is necessary when the turnover exceeds Rs 1 Crore. Further the turnover does not include the VAT charged in the sale bill and hence if the turnover is Rs 38 Lacs and the VAT is 4 Lacs than there is no need of VAT audit. Also it will be noted that VAT input and output will be calculated separately otherwise if the same form part of the turnover and where no VAT input or output register is kept than the gross amount will be considered for VAT Audit i.e including VAT charged
Regards
If the turnover exceeds Rs 40 lacs than u have to go for VAT audit. But the exception is also there like the state of west bengal where VAT Audit is necessary when the turnover exceeds Rs 1 Crore. Further the turnover does not include the VAT charged in the sale bill and hence if the turnover is Rs 38 Lacs and the VAT is 4 Lacs than there is no need of VAT audit. Also it will be noted that VAT input and output will be calculated separately otherwise if the same form part of the turnover and where no VAT input or output register is kept than the gross amount will be considered for VAT Audit i.e including VAT charged
Regards
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Putting a heading on received mail
- Consolidated financials
- TDS on TRUST
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
