18 April 2012
If an entity having Total Turnover not less than Rs. 1 crore and Taxable Turnover having Rs. 20 Lacs, then it must required to get audited its books of accounts for VAT Audit.
My question is that whether both conditions are required to be satisfied ???
If any entity having turnover more than 15 crore but the same products fully exempt from Vat then in that case whether it is required to do Vat Audit?????
26 April 2012
The turnover limit for Gujarat VAT is 1 Cr out of which taxable turnover should be 20 lacs. Further to the same turnover means purchase or sales side. For eg. If a dealaer is a cloth manufacturer and if he purchases yarn worth 2 Cr. and sells cloth worth 2.5Cr he is requiered to be audited.
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