Audit Of MVAT

This query is : Resolved

anupam (Querist)
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28 June 2008 if there is no trading of goods. but purchased of capital assets like furniture n machinery of above RS.40Lacks

in that case shall mvat audit is mandatory under sec 61 of MVAT ACT.

Nilesh Damji Chheda

Nilesh Damji Chheda (Expert)
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15 July 2008
dear anupam

the condition for MVAT Audit is sales or purchase is 40lakhs or above.
the defination of purchase include trading purchase,purchase debited to profit & loss account, capital item capitalised.
thus even purchase of capital assets above Rs,. 40 lakhs qualify for MVAT Audit