Vat audit applicable
Querist : Anonymous
Is profit margin is also a criteria for Vat audit compulsion.
Section 61 of Maharashtra Value Added Tax Act, 2002 deals with cases where accounts to be audited.
As per section 61 the primary criteria for getting the accounts audited is where the turnover of purchase and sales exceeds INR 60 lacs in a year. Apart from the turnover criteria there are other requirement also but nowhere it has been mentioned that profit margins is a criteria for getting the VAT Audit done.
Considering the aforesaid scenario, I understand that your company is not required for getting the VAT Audit done.
You are also requested to see section 61 of the Maharashtra Value Added Tax Act, 2002 and see if your company fits into other requirement of audit
Querist : Anonymous
Please let me know the complete business profile of your company i.e., what business your company is doing
Please let me know the complete business profile of your company i.e., what business your company is doing
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