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Turnover under vat audit

Mahavat 2293 views 1 replies
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PCC Student
29 Points Posted on 13 January 2012

The turnover of the concern is Rs.63,00,000 includiing VAT & CST of Rs.3,00,000 

Is the concern liable to audit under MVAT Act, if  TAX is shown separately under Duties & Taxes & not under Profit & Loss Account. ?

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On 13 January 2012 at 19:22 Report
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C.A. Final
144 Points Posted on 13 January 2012
Vat audit is required to be audited, if gross turnover of sales exceed rs. 60 lakhs during the previous year. GTO includes net sales and vat, even if vat amounts shown seperately in the duties and taxes...so, you have to get audited the vat audit report-704..as per section 61 of mvat act 2002...
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On 13 January 2012 at 20:54


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