Kvat 240

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 On what basis the limit of vat240 audit is decided , and the turnover includes all sales or only the sales within the state.

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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11 November 2013 Turnover includes all sales and purchase also.
sec 2(35) of the act gives following definition for Total turnover:-
Total turnover’ means the aggregate turnover in all goods of a dealer at all places of business in the State, whether or not the whole or any portion of such turnover is liable to tax, including the turnover of purchase or sale in the course of interstate trade or commerce or in the course of export of the goods out of the territory of India or in the course of import of the goods into the territory of India and the value of goods transferred or despatched outside the State otherwise than by way of sale.
(36) ‘Turnover’ means the aggregate amount for which goods

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 On what basis the limit of audit under VAT 240 is decide.. whether it is the same in Income tax for TAX audit i.e 1crore.

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CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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11 November 2013 limit has been prescribed insection 31(4)of KVAT Act which is 100 lakhs per annum.