Audit report

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2012 We are generating power and selling to captive consumers. We are exempted from VAT. Kindly clarify whether we have to get audited by an accountant as our turnover exceeds Rs. 1 crore. In the G O Ms. No.119, it has been stated ....... the dealer including zero rate.... and nothing has been mentioned about exempted sales

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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27 September 2012 VAT under State Act applicable in different States.

As your turnover exceeds the specified limit in your state, then your accounts are required to be compulsorily audited by Accountant.

Different States are fixed different limits for VAT Audit. Please check the latest notification of VAT for the limit.

Gokulesh

Gokulesh (Expert)
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28 January 2013 Whether MVAT Audit is mandatory even if There is 100% sale of exempted goods, (T.O Exceeds Rs60Lakhs) ?

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