CHIRAG (JOB) (47 Points)
05 March 2009I HAVE A TRADING FIRM IN MUMBAI.
I HAVE FILLED 4 QUATERLY RETURNS FOR P.Y. 2007-08 FOR M.VAT
THE AMT. INCL. OF VAT IS 47 LACS.
DO I NEED TO GO FOR VAT AUDIT ?
YET MY IT RETURNS ARE NOT FILLED, SO IS THERE A POSSIBILITY THAT I SHALL REVISE MY VAT RETURNS AND REDUCE THE AMT TO LESS THAN 40 LACS, SO I SHALL NOT COME UNDER VAT AUDIT AND NOT EVEN AUNDER IT AUDIT.
I HAVE EVEN MISSED THE DATE OF AUDIT OF IT RETURNS.
PLS HELP ME ON MY PROBLEM.
Anoop
(Service)
(345 Points)
Replied 06 March 2009
The trurnover limit for mvat audit is exceed 40 lakhs and it is exclusive of tax i.e. sale price received net of tax. So, first of all you have to calculate what is value net of tax and after you will have to decide accordingly.
If u want to hire a consultant at Mumbai, I can refer, pls. mail to my email id anoop7841 @ gmail.com.
CAclubindia
