06 May 2013
As your Turnover is less than Rs.1 Crore you need not require to get your accounts audited. But if you show profit from Business less than 8% of turnover than once again you needs to get your accounts audited.
So far as VAT is concerned it is subject matter of State, so you need to check laws of that specific state.
21 June 2013
I agree with the expert MJK who is giving proper and to the point reply on the indirect tax issues. Therefore, kindly check if your turnover including VAT is above 60 lacs then you have to get your accounts audited. If you are maintaining separate account of VAT means VAT collected and VAT collected is neither included in purchases nor in sales then you may bring down the turnover below 60 lacs but you might be in trouble as there are judgments that gross sales includes tax but these judgments were when no adjustment was allowed so you have a good case to fight.
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