whether liable to vat audit
This query is : Resolved
ATIT D SHAH
(Querist)
17 November 2008
assesse is partnership firm in Gujarat, it is doing business of embroidery labour, During its course of business it has to purchase material amounting to rs. 25,00,000/- on which it has to pay VAT, the turnover of Business has exceeded Rs 1,00,00,000/-(basic limit for VAT in Gujarat),so whether assesse is liable to Vat audit?
CA Tilak Raj Sharma
(Expert)
17 November 2008
Yes, if the assessee has crossed the limit then they are liable to Tax Audit. Also note that now VAT Audit is to be done by CAs only, now Advocates cann't do VAT Audit.
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