Vat audit criteria

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NIRMAL SONI (Querist)
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16 May 2012 WHAT IS THE CRITERIA FOR VAT AUDIT
FOR A PROPRIETORSHIP CONCERN WHICH GIVES SERVICES AND SALES GOODS,

E.G. SALE OF GOODS RS. 35 LAKHS
RECEIPT FROM SERVICES RS. 7 LAKHS
TOTAL RS. 42LAKHS

IS VAT AUDIT APPLICABLE , YES/ NO PLEASE GIVE REFERENCE FOR THE SAME.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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21 May 2012 Mr N Soni,
In Karnataka VAT audit is compulsory when turnover is above Rs40 laks,upto31 Mar 2010.After that period VAT audit is required when turnover exceeds Rs1 crore.
Read Sec 31(4) of KVAT Act....MJK

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