Our head office is at Mumbai and branch at Kerla. Our Kerla restaurant is under composite schem having vat @0.5% and no input credit. Our turnover for that branch has exceeded 60 lacs for FY 12-13. and now audit is mandatory. Do I need to prepare separate financials for Kerla branch and get it audited? Our company has been audited and return is filed.
02 December 2013
at least, transaction relating to sale/purchase & stock transfer must be maintained separately along with T.B. for the State transactions. you must get books of accounts audited for VAT purpose
CAclubindia
