This Question is for Builders falling under VAT Audit In maharashtra.
For the purpose of falling under VAT Audit the limit is 60 lakh .
For the purpose considering this amt of 60 lakh the sale agrement amt is to be taken till what date is it before the date of receiving Ocupancy certificate(OC) of the particular building or before the date of receiving Completion Certificate(CC) ??????
For Eg. If there are 6 sale agrements with the builder each amounting to Rs. 10 lakh. and 5 agrement dates are 6.5.2010 each and the 6th one has a date which is 6.6.2010 .
1. If the OC date is 6.6.2010 and the CC date is 10.5.2010 then if we consider the OC date the all the agrement amt will be included for calculating the limit of VAT Audit which will be 60 lakh and hence the builder is liable to get VAT Audit .
2.But if we consider the CC date then the total amt will be 50 lakh and no question for VAT Audit ..
The main question is - Which date should be considered OC date or CC date ???
If any one has any info or notification regarding this matter then please help me as soon as possible and provide the link for any notification ......!!!!!!!!!
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CAclubindia
