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Whether audit under mvat applicable or not

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 February 2013 my client product cover under schedule A i.e.(manufacturing of rice). so state whether he is liable for mvat audit as manufacturing exempted goods i.e.0% vat.
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CA Gaurav Ajit Potdar

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CA Gaurav Ajit Potdar (Expert)
27 February 2013 Applicability of VAT Audit Depends on the turnover of the dealer., ie if either of sales or purchase exceeds Rs 40 lacs during the financial year.
so in your case if the turnover exceeds the above limit Audit will be applicable.
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
27 February 2013 It's not 40 Lakh,
it is 50 Lakh.
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