Gross turnover of sales


Sagar (student)     01 December 2011

Sagar
student 
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What will be the gross turnover of sales in case of mvat audit in form 704 if the dealer has different vat registration in three different states?
 
Will gross turnover include the sales of other states or only sales in maharashtra?


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Q1. Ans: In case of Mvat u hv to considered Maharashtra sales only. Q2. Ans: Gross turnover of Maharashtra state.

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Lakshy (Semi-Qualified C.A. PGDFM BCom.)     01 December 2011

Lakshy
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Total amount of sales whether local or oms or export  excluding vat, if more than 60,00,000/- then

it is liable for Mvat Audit.

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Sagar (student)     01 December 2011

Sagar
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thanks but does it matter if the HO is at maharashtra and all the entries are passed in maharashtra but invoices are prepared in other states

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Lakshy (Semi-Qualified C.A. PGDFM BCom.)     01 December 2011

Lakshy
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keep books of accounts in Maharashtra Office during assessment from Sales Tax departments.

You can provide invoce copies to auditor as he reqired.

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kavita prashant ubhe (Article assistant)     30 August 2013

kavita prashant ubhe
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what is gross turnover of sale? where and how we record it?

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CA. Sushant Bhatnagar (Associate Manager - Taxation)     03 September 2013

CA. Sushant Bhatnagar
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Hi Sagar, For Maharashtra VAT Audit, the records pertaining to only Maharashtra VAT Act will be considered. When MVAT Audit is conducted, they would consider the return filed as the basis for initiating the process. There are number of things which would be required to complete which include C Forms, F Forms, All Return Copies, All Return challan. The MVAT Auditor will also ask for seperate Trial Balance, Balance Sheet and P& L for maharashtra. If you are following branch accoutning then the same can be easily provided whereas if centralised accounting is maintained then you would have to give a management declaration stating that no seperate books of accounts are kept for the branch. Please note that MVAT Audit report is considere as base when the Assessment is initiated the VATO Thanks & regards CA. Sushant Bhatnagar


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