IN MAHARASHTRA VAT AUDIT LIMIT FOR THE PERIOD APR 2017 TO JUNE 2017 IS 25 LAKH. DOES TURNOVER OF 25 LAKH INCLUDES TAX OR VAT AMOUNT.PLEASE HELP
Shubham Mohite (Accountant) (22 Points)
07 March 2019IN MAHARASHTRA VAT AUDIT LIMIT FOR THE PERIOD APR 2017 TO JUNE 2017 IS 25 LAKH. DOES TURNOVER OF 25 LAKH INCLUDES TAX OR VAT AMOUNT.PLEASE HELP
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 08 March 2019
Yes, definition of turnover in MVAT Act includes the tax/Vat amount to calculate turnover
kajol
(Executive)
(201 Points)
Replied 11 March 2019
If the turnover exceeds Rs 25 lakhs, then VAT Audit is compulsorily.
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