Vat Audit

WHEN ANNUAL TURNOVER INCREASED TO MORE THAN 40 LAKHS THAN AUDIT WILL BE APPLICABLE

Hai

Is there any penalty leviable for not filing the VAT 240 - karnataka state due date is 31/12/2008

yes annual turnover increased to more than 40 lakhs but the assessee dealing in vat tax free goods

If you are the registered under the VAT act you can maintain a books of accounts properly because u r availing the ITC. and whenever u reaching the limit as above 40 lakhs then u going for audit.

 Dear Freinds, 

Presnetly in Rajasthan the vat audit limit incerease by Rs 60 lacs and now for vat audit revised turnover limit is 1.00 crores. 

Thanks & regards 

 Dear Freinds, 

Presnetly in Rajasthan the vat audit limit incerease by Rs 60 lacs and now for vat audit revised turnover limit is 1.00 crores. 

Thanks & regards 

In Gujarat State -

If Turnover cross the 40 Lacs the Audit is compulsory and

if turnover cross more then 1 crore the VAT audit plus books audit is compulsory

 Fourty Lakhs turnover is should be taxable turnover, then VAT 240 is applicable

Mention the state for which you are discussing VAT

i have two sole proprietorship firms with different names,one in rajasthan and other in haryana,turnover of former is 2000000(twenty lacs) and latter is 2300000.Is it necessary for me to get accounts audit before filing ITR.