Includibility of MVAT Turnover

Mahavat 866 views 2 replies

Practice

90 Points Joined May 2009

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

Replies (2)

Chartered Accountant

4780 Points Joined March 2009

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

Guest

Originally posted by : Devendra
	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