Vat audit maharashtra for exempt sales
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 October 2014
Hi all!
1. An assessee is having the Business of chilling milk and selling (no value addition hence exempt- specified under schdule A of MVAT Act)
2. The turnover of exempt sales is however around Rs. 28 Crores thereby exceeding turnover limit of 1 crore for Vat Audit
I referred the MVAT Act on the mahavat site which starts with the words "Every dealer liable to pay tax shall"...
Is the assessee still liable for Vat Audit even though all the sales are exepmt and dealer is not liable to pay VAT?
1. An assessee is having the Business of chilling milk and selling (no value addition hence exempt- specified under schdule A of MVAT Act)
2. The turnover of exempt sales is however around Rs. 28 Crores thereby exceeding turnover limit of 1 crore for Vat Audit
I referred the MVAT Act on the mahavat site which starts with the words "Every dealer liable to pay tax shall"...
Is the assessee still liable for Vat Audit even though all the sales are exepmt and dealer is not liable to pay VAT?
28 October 2014
Dealer is liable for Mvat Audit even if dealer is dealing only in exempt goods, as t/ o crosses 1 cr. dealer is liable for Mvat Audit
CA Chirag Doshi
9833027231
CA Chirag Doshi
9833027231
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