vat audit under mvat act
This query is : Resolved
03 March 2010
In one of the case total turnover of the dealer is Rs 1 cr. Out of which Rs 70 lacs is oms sale.So gross sales within maharashtra is less than threshold limit under MVAT act 2002.
So whether the vat audit under MVAT act is applicable to said dealer?
So whether the vat audit under MVAT act is applicable to said dealer?
CMA.Palani Arumugam
(Expert)
04 March 2010
Turnover limit for VAT Audit:
Turnover of all the sales (whether local or OMS) including sale of scrap, old assets, sale to employees, sale of goods on commission basis etc, is to be considered for deciding the limit of Rs.40 Lacs.
Turnover of all purchases including purchases debited to Profit & Loss A/c.(like printing & stationery, packing material, consumables etc) and purchase of assets are to be considered for deciding the limit of Rs.40 Lacs.
IF either purchases or sales exceeds Rs.40 lacs, then VAT audit is applicable.
In your case, vat audit is applicable.
Turnover of all the sales (whether local or OMS) including sale of scrap, old assets, sale to employees, sale of goods on commission basis etc, is to be considered for deciding the limit of Rs.40 Lacs.
Turnover of all purchases including purchases debited to Profit & Loss A/c.(like printing & stationery, packing material, consumables etc) and purchase of assets are to be considered for deciding the limit of Rs.40 Lacs.
IF either purchases or sales exceeds Rs.40 lacs, then VAT audit is applicable.
In your case, vat audit is applicable.
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