Vat audit
This query is : Resolved
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?
14 November 2011
plzzzzzzzzzz someone tell me........
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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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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