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Wb vat

01 June 2015

Please tell me the threshold limit for vat audit under form 88a for proprietorship business with trade circular for the period 2013-2014

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Deepak Gupta (CA Student) (15922 Points)
Replied 01 June 2015

Monetary limits for F.Y. 2013-14:
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Form 88: Turnover > Rs. 5 crore.
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Form 88A: Turnover > Rs. 1.5 crore but <= Rs. 5 crore.
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The aforesaid limit is applicable from F.Y. 2012-13 onwards [Trade Circular No. 07/2013, dated 01.04.2013 (Refer Para A(9) of the table)].
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From F.Y. 2015-16 onwards, for Form 88, turnover (incl. stock transfer) limit has been raised to Rs. 10 crore. Form 88A has been removed, instead, such dealers need to submit the tax audit report only, if applicable [Trade Circular No. 09/2015, dated 27.05.2015 (Refer Para B(7) of the table)].