Vat audit as per kvat act
This query is : Resolved
12 December 2015
Dear Experts
As per Kerala Value Added Tax Rules VAT Audit is compulsory if annual turn over excess rs 60 Lakhs.Inrespect of a Medical Store turn over more tha Rs 90 Lakhs out of this Rs 80 Lakhs is on Medicnes which is exempted on the basis of Purchases under Invoice 8H. In this case whether VAT audit is mandatory?.Please advice.Thanks in advance
Rgds
As per Kerala Value Added Tax Rules VAT Audit is compulsory if annual turn over excess rs 60 Lakhs.Inrespect of a Medical Store turn over more tha Rs 90 Lakhs out of this Rs 80 Lakhs is on Medicnes which is exempted on the basis of Purchases under Invoice 8H. In this case whether VAT audit is mandatory?.Please advice.Thanks in advance
Rgds
12 December 2015
KVAT audit (section 42) is applicable since 'total turn over' (section 2 li) has to be considered ie., Rs. 90 lakhs which is above the threshold limit.
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