If a newly consituted partnership firm has a turnover of 52 lakhs in FY 2016-17 and the profit is 8%, is it compulsory to have a VAT audit done? Confused as we have been advised that it is mandatory. Please advise. Thanks in advance!
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Vat audit for partnership firms in fy 16-17
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VAT Audit is not compulsory till your turnover crosses 1 Crore in a FY.
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