Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

MVAT QUERY

651 views

Save Share

Join Us Follow Us Add as Source

CHIRAG

JOB

38 Points Posted on 05 March 2009

I 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.

Replies (1)

Anoop

Service

273 Points Posted on 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.