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Vat Audit

CA Gopal Heda (CS FINAL ) (181 Points)

31 December 2008

Hi! Friends any one tell me about vat audit applicabilty

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10 Replies

CA Abhash Mishra (Chartered Accountants) (598 Points)
Replied 31 December 2008

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

SKRAM (CONSTRUCTION) (27 Points)
Replied 31 December 2008

Hai

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

CA Gopal Heda (CS FINAL ) (181 Points)
Replied 31 December 2008

Originally posted by :abhashmishra
"	WHEN ANNUAL TURNOVER INCREASED TO MORE THAN 40 LAKHS THAN AUDIT WILL BE APPLICABLE	"

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

R.Suresh (Sr. Executive) (394 Points)
Replied 01 January 2009

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.

CA Pramod Singhal (CHARTERED ACCOUNTANTS) (68 Points)
Replied 02 January 2009

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

CA Pramod Singhal (CHARTERED ACCOUNTANTS) (68 Points)
Replied 02 January 2009

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

Hiren Panchal (Accountant) (33 Points)
Replied 05 January 2009

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

Koneri Balaji (CHARTERED ACCOUNTANT) (120 Points)
Replied 10 January 2009

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

Shudhanshu Agrawal (Business) (2570 Points)
Replied 11 January 2009

Mention the state for which you are discussing VAT

siddharth sharma (proprietor) (22 Points)
Replied 16 September 2009

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.