Software company having export turnover (Software) exceeds 40 Lacs, fully exempted from VAT. Weather VAT audit under Karnataka VAT Act is applicable to this company?
28 December 2010
What about the local sales with in the State of Karnataka? If the Total turnover exceeds 40 lakhs, VAT audit is mandatory. The words "Taxable turnover" was replaced by the words by "Total Turnover" by the KVAT amendment effecting from 01.04.2009 onwords.....
28 December 2010
Whether a dealer selling exempted goods under the KVAT Act,2003 & under the CST Act, 1956 and having a total turnover more than Rs. 40 lakhs will be liable for Audit?
Yes. Audit will be applicable to dealers dealing in exempt goods under KVAT / CST Acts depending on the assessment year
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