27 November 2012
hello all. we are a manufacturing unit (its a partnership business) (SME) our turnover for F.Y 2011-12 was 1crore 59 lacs (approx) are e required to prepare vat audit report u/s 88? i have heard that it is not compulsory for organisation with turnover less than 3 crores. is it true? please share your views.
28 November 2012
As per amendment made u/s 30E of the WBVAT act, no vat audit report in form 88 is required where sales or CTP or both for such firm do not exceed 3 crores. This is applicable from F.Y 2011-12 onwards. Hence no vat audit report is necessary in your case.
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