Pls Can anyone tell me What all things are taken in consideration for determining Rs.40lacs turnover.
Next will Net sales be taken into consideration or Vat Amt will included in Turnover?
Suppose if I have Net sales of Rs.37lacs & Vat @ 12.5% bringing Total to Rs.4162500/- will Vat Audit be applicable?
Thanks
Dear Rehman,
1) Only Net sales is included in determining 40 Lacs turnover.
2) Net Sales should be above Rs. 40 Lacs VAT should not be included in considering Sales.
3) Next, VAT Audit will not be applicable in your given case.
Regards,
Devendra Kulkarni
| Originally posted by : Devendra | ||
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Dear Rehman, 1) Only Net sales is included in determining 40 Lacs turnover. 2) Net Sales should be above Rs. 40 Lacs VAT should not be included in considering Sales. 3) Next, VAT Audit will not be applicable in your given case. Regards, Devendra Kulkarni |
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Agree with Devendra
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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