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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Turnover under vat audit
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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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