The word taxable turnover has been substituted by the word Total Turn over for the purposes of Karnataka VAT audit. Is audit applicable for exempt sales exceeding 40 lakhs for the year 2008-09
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KVAT AUDIT
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For Financial year 2008-2009, Sale of exempted goods shall not be included and no need of Audit however from Financial Year 2009-2010 all turnover whether it is taxable or not shall be included thus for FY 2009-2010 it is required to get audit exempted sale also
Turnover under KVAT Audit includes what?
Total turnover’ means
(1) the aggregate turnover in all goods of a dealer at all places of business in the State, whether or not the whole or any portion of such turnover is liable to tax,
(2) including the turnover of purchase or sale in the course of interstate trade or commerce or
(3)including the turnover in the course of export of the goods out of the territory of India or
(4) including the turnover in the course of import of the goods into the territory of India and
(5) including the turnover of the value of goods transferred or despatched outside the State otherwise than by way of sale.
What is the limit for Vat Audit report under KVAT Act,2003 for a Private Limited
Dear Vikas ji,
Under KVAT Act,2003 limit for VAT audit report is : For financial year 2008-09 more than Rs.40 lakhs ,taxable turnover
for FY 2009-10 onwards more than Rs.40 Lakh, Total Turnover.
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