Vat audit criteria
This query is : Resolved
NIRMAL SONI
(Querist)
16 May 2012
WHAT IS THE CRITERIA FOR VAT AUDIT
FOR A PROPRIETORSHIP CONCERN WHICH GIVES SERVICES AND SALES GOODS,
E.G. SALE OF GOODS RS. 35 LAKHS
RECEIPT FROM SERVICES RS. 7 LAKHS
TOTAL RS. 42LAKHS
IS VAT AUDIT APPLICABLE , YES/ NO PLEASE GIVE REFERENCE FOR THE SAME.
FOR A PROPRIETORSHIP CONCERN WHICH GIVES SERVICES AND SALES GOODS,
E.G. SALE OF GOODS RS. 35 LAKHS
RECEIPT FROM SERVICES RS. 7 LAKHS
TOTAL RS. 42LAKHS
IS VAT AUDIT APPLICABLE , YES/ NO PLEASE GIVE REFERENCE FOR THE SAME.
MJ Krishnamurthy
(Expert)
21 May 2012
Mr N Soni,
In Karnataka VAT audit is compulsory when turnover is above Rs40 laks,upto31 Mar 2010.After that period VAT audit is required when turnover exceeds Rs1 crore.
Read Sec 31(4) of KVAT Act....MJK
In Karnataka VAT audit is compulsory when turnover is above Rs40 laks,upto31 Mar 2010.After that period VAT audit is required when turnover exceeds Rs1 crore.
Read Sec 31(4) of KVAT Act....MJK
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