banner_ad

vat audit under mvat act

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

CMA.Palani Arumugam

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details