If a newly consituted partnership firm has a turnover of 52 lakhs in FY 2016-17 and the profit is 8%, is it compulsory to have a VAT audit done? Confused as we have been advised that it is mandatory. Please advise. Thanks in advance!
Rathija Menon (Partner) (21 Points)
23 October 2017If a newly consituted partnership firm has a turnover of 52 lakhs in FY 2016-17 and the profit is 8%, is it compulsory to have a VAT audit done? Confused as we have been advised that it is mandatory. Please advise. Thanks in advance!
Abisheik
(Articled Clerk)
(173 Points)
Replied 25 October 2017
VAT Audit is not compulsory till your turnover crosses 1 Crore in a FY.
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