VAT audit applicability
This query is : Resolved
18 March 2008
to whom VAT Audit aplly?
18 March 2008
under vat regulations , the criterion for vat audit are as follows
Audit of Account: Every dealer having a turn over of over Rs. 40.00 lacs would be required to get his account audited by a Chartered Accountant and submit the audit report within the stipulated time. Failure to do so would attract penalty proceedings.
SO TURNOVER BUT NOT GROSS RECEIPTS IS THE CRITERION FOR VAT AUDIT.
TURNOVER UNDER APVAT 2005 IS DEFINED UNDER SEC 2 DEFINITIONS CLAUSE 39 AS FOLLOWS
"AGGREGATE OF SALES PRICES OF ALL GOODS EXEMPTED OR TAXABLE SOLD AT ALL PLACES OF BUSINESS OF DEALER IN THE SATE..........."
Audit of Account: Every dealer having a turn over of over Rs. 40.00 lacs would be required to get his account audited by a Chartered Accountant and submit the audit report within the stipulated time. Failure to do so would attract penalty proceedings.
SO TURNOVER BUT NOT GROSS RECEIPTS IS THE CRITERION FOR VAT AUDIT.
TURNOVER UNDER APVAT 2005 IS DEFINED UNDER SEC 2 DEFINITIONS CLAUSE 39 AS FOLLOWS
"AGGREGATE OF SALES PRICES OF ALL GOODS EXEMPTED OR TAXABLE SOLD AT ALL PLACES OF BUSINESS OF DEALER IN THE SATE..........."
21 March 2008
If Purchase or Sales exceeds Rs.1 Crore then it is comlulsory to get accounts audited i.e. VAT Audit.
21 March 2008
Sorry, 1 Crore limit will be applied to GVAT.
31 March 2008
what is GVAT
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