Whether m-vat audit is applicable ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2012
WHETHER MAHARASHTRA VAT AUDIT IS APPLICABLE IN FOLLOWING CASE IF YES, WHY? & IF NO , WHY?: SALES ARE AS FOLLOWS
12.5% VAT- 200000/-
NET SALES(12.5%)- 1696000/-
2% CST- 52000/-
NET SALES(2%OMS)- 2600000/-
5%VAT- 75000/-
NET SALES(5%)- 1500000/-
LOCAL EXPENSES- 5000/-
LABOUR CHARGES - 890000/-
TOTAL RS. 7018000/-
12.5% VAT- 200000/-
NET SALES(12.5%)- 1696000/-
2% CST- 52000/-
NET SALES(2%OMS)- 2600000/-
5%VAT- 75000/-
NET SALES(5%)- 1500000/-
LOCAL EXPENSES- 5000/-
LABOUR CHARGES - 890000/-
TOTAL RS. 7018000/-
04 December 2012
The definition of GTO (Gross turnover of sale) includes all above. and hence VAT audit is applicable
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