27 February 2010
Hi Friends, Is a dealer registered under MVAT Act whose turnover of sales or purchase does not exceed Rs.40 lakhs is liable to vat audit.
27 February 2010
No As in the act it is specifically given if the turn over exceeds 40lakhs
Secondly if the is specified dealer trading in specified commodities as mentioned in the act then the turn over is irrelevent. Even his receipt is Rs. 1 lakh he need to get his accounts audited
CAclubindia
