Vat audit

This query is : Resolved

PARSRAM (Querist)
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05 May 2013 MY SALES TURNOVER IS BELOW 60 LACS INCL AS WELL AS EXCL OF TAX & PURCHASE TURNOVER IS 65 LACS.. THAN I AM LIABLE FOR THE TAX OR VAT AUDIT

PLS SUGGET ME

THANKS IN ADVANCE TO ALL CA EXPERTS

CA Mahavir Shah

CA Mahavir Shah (Expert)
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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.

PARSRAM

PARSRAM (Querist)
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06 May 2013 MY STATE IS MAHARASHTRA

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MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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06 May 2013 If your gross turnover(sales) is exceeding Rs60 lakhs you have to get your accounts audited in Maharashtra.....mjk

CA Mahavir Shah

CA Mahavir Shah (Expert)
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06 May 2013 Yes you need to get your accounts audited for VAT purpose.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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.