Vat audit
This query is : Resolved
SUDHIR GARG
(Querist)
14 November 2011
plz someone let me know that what is the limit of revised turnover for going a vat audit in rajasthan? and what is the diffrence between vat under composition scheme and vat?
SUDHIR GARG
(Querist)
14 November 2011
plzzzzzzzzzz someone tell me........
CA Ravi Sisodia
(Expert)
14 November 2011
VAT Audit limit = above Rs. 1 crore
composition limit = turnover up to rs.60 lakhs then assesse can opt composition scheme. VAT Tax in this scheme is .50% of turnover.
composition limit = turnover up to rs.60 lakhs then assesse can opt composition scheme. VAT Tax in this scheme is .50% of turnover.
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SUDHIR GARG
(Querist)
15 November 2011
thanks for ur reply......whether .50% tax (in composition scheme) will be imposed on turnover of those goods(tobacco products in rajasthan) which are taxable at one time(at the point of first sale) tax @40%... because there are no output tax on goods which are taxable at the point of first sale........
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