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
Click here to login now
Similar Resolved Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
