LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Is vat audit compulsory ?

Aisha (Finance Professional) (7547 Points)

22 June 2015

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 ?

Reply
Follow
Share

12 Replies

shreepad gaonkar (articled clerk) (21 Points)
Replied 22 June 2015

Yes.. Turn over exceeds 1 crore Should do vat audit...

srinivas (vice president) (21 Points)
Replied 22 June 2015

Which state you are referring to ?

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 22 June 2015

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.

RAMESH D MODI (Proprietor) (4864 Points)
Replied 22 June 2015

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.

venkat srikanth (12) (21 Points)
Replied 22 June 2015

Correct answer please

R. NAGAPRAKASH (proprietor) (39 Points)
Replied 22 June 2015

Yes I agree with Aditya Maheshwari

Neha Khandelwal (no) (25 Points)
Replied 22 June 2015

If Turn over exceeds 1 crore than vat audit is required...

Gaurav (P.O.) (22 Points)
Replied 22 June 2015

If turn over more than 2 Crors of non vat goods then there is vat audit is compulsory or not.

Dipesh Mehta (Proprietor) (22 Points)
Replied 22 June 2015

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