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VAT audit applicability

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(Querist)
18 March 2008 to whom VAT Audit aplly?
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CA. Amit Daga

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CA. Amit Daga (Expert)
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..........."
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Chintan Gajjar

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Chintan Gajjar (Expert)
21 March 2008 If Purchase or Sales exceeds Rs.1 Crore then it is comlulsory to get accounts audited i.e. VAT Audit.
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Chintan Gajjar

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Chintan Gajjar (Expert)
21 March 2008 Sorry, 1 Crore limit will be applied to GVAT.
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CA.VIMAL KUMAR PANJIYAR

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CA.VIMAL KUMAR PANJIYAR (Querist)
31 March 2008 what is GVAT
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Jitender

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Jitender (Expert)
07 September 2008 gvat- gujrat value added tax.
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