whether turnover includes value added tax
This query is : Resolved
10 December 2010
I would like to know that for the purpose of Vat audit limit of 1 crore of turnover,
is it required to include the figure of vat in sales for the calculation the threshold limit of 1 crore for vat audit
is it required to include the figure of vat in sales for the calculation the threshold limit of 1 crore for vat audit
11 December 2010
Dear Milanji
Provide the name of state for which you have raised the query
Provide the name of state for which you have raised the query
11 December 2010
the state is gujarat, whether turnover limit of 1 crore should be inclusive of value added tax or should be exclusive. for vat audit
12 December 2010
Turnover of Sales not to be included Value Added Tax
However it should include
1) Excise Duty
2) Customs
3) Any other charges like freight, labour added in the invoice
Sales return if any need to be deducted from gross turnover.
As per Sec. 63 audit report to be obtained if total turnover exceeds Rs. 1 crore. In my opinion Total Turnover means either of Purchase Turnover or Sales Turnover. Hence if even turnover of purchase exceeds Rs. 1 Crore than also audit report to be obtained.
However it should include
1) Excise Duty
2) Customs
3) Any other charges like freight, labour added in the invoice
Sales return if any need to be deducted from gross turnover.
As per Sec. 63 audit report to be obtained if total turnover exceeds Rs. 1 crore. In my opinion Total Turnover means either of Purchase Turnover or Sales Turnover. Hence if even turnover of purchase exceeds Rs. 1 Crore than also audit report to be obtained.
14 December 2010
Mr. Vishal,
thanks for your answer
thanks for your answer
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