Vat audit-urgent querry
This query is : Resolved
bijal panchal
(Querist)
05 January 2012
In works contract turnover excluding labour on which service tax is billed donot exceeds 60 lakhs then VAT Audit under Maharashtra Act is applicable or not?????plz reply soon
thanks in advance
thanks in advance
Prakash Kochar
(Expert)
22 January 2012
If turnover is purely of labour contract independantly, wherein no material is transferred it will not be consider in turnover.
If there is transfer of property in goods involved in execution of work contract iin such cases the labor part will be included in turnover of sale, if it exceeds limit of Rs. 60 Lakhs will be liable for Audit under MVAT Act.
If there is transfer of property in goods involved in execution of work contract iin such cases the labor part will be included in turnover of sale, if it exceeds limit of Rs. 60 Lakhs will be liable for Audit under MVAT Act.
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