audit - maharashtra

This query is : Resolved

Sudheer J. Sarvate (Querist)
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22 December 2008 Sir,

I have following doubts about MVAT Audit, please guide me

1.) Whether we have to give only list of pending forms C,H, I etc. or we have to pay liability of tax for non receipts of above forms at the time of filing vat audit report in maharashtra

2.) We are accounting our sales transaction in tally as under

Basic Sale ( Under sales group in tally)

Output Vat ( under duties & taxes in tally)

So in one of our company in profit & loss account the sale is showing Rs. 38lakhs & if we add vat then it comes Rs. 41 lakhs.

Then in such case whether it is mandatory to do the VAT audit.

Sudheer

N J Ansari

N J Ansari (Expert)
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22 December 2008 (1). Only the list of pening "C" form is to be given Invoice wise.

(2). As per section 61 of MVAT Act, every dealer liable to pay tax shall if his turnover of sales or, as the case may be, of purchases, exceed or exceeds rupees forty lakh in any year is liable for VAT Audit.

Further“turnover of sales” means the aggregate of the amounts of sale price received and receivable by a dealer and

According to explanation II. — Sale price shall not include tax paid or payable to a seller in respect of such sale.

It means turn over of sales in your case is Rs. 38 lakhs.

Therefore, you are not liable for VAT Audit.

However, if your Turn Over of Purchases including Purchases of Fixed Assets and
Expenses debite to Profit & Loss Account
exceeds Rs. 40 lacs, you will be liable to
VAT Audit.