A company has a total turnover of more than 2 crore . However its turnover related to VAT sales(excluding income from services) is less than 20 Lac, is VAT audit compulsory for such companies ?
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Is vat audit compulsory ?
Replies (12)
Yes.. Turn over exceeds 1 crore Should do vat audit...
Which state you are referring to ?
Sales n purchases definition are provided in the respective vat acts. If your turnover of sales or purchases exceeds 1cr then only do vat audit otherwise not.
In Gujrat, there are two conditions
Total turnover exceeds one crore and
Taxable turnover exceeds rwenty lakh.
Conditions for applicability of vat audit
In Guj.
Correct answer please
Yes I agree with Aditya Maheshwari
If Turn over exceeds 1 crore than vat audit is required...
If turn over more than 2 Crors of non vat goods then there is vat audit is compulsory or not.
Irrespective of taxable goods sales/purchase less than 1 crore, if the dealer is registered dealer and if his turnover is more than one crore including tax free goods he is liable to Vat Audit under MVAT Act 2002
My company is provided for work contract service & it receipt about Rs. 8 crore
So cane we liable for VAT audit?
Works Contract Services are considered as Sales under MVAT Act, 2003. Hence VAT Audit is applicable
If he register dealer n his annual turnover exeds 1 crore than its related to vat audit n vat audit due date is December month
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