10 December 2012
As per cot for contractors, the composition tax has to be remitted on advance received. In such a case how the turnover is to arrived at for the purpose of k vat audit limit of Rs 1 cr? that is on actual billing or on receipt of advance ?
10 December 2012
total turnover and turnover are defined under section 2(35) and 2(36).. i am of the opinion that advance recd would be treated as turnover for the purpose of VAT audit. Also reference can be made to rule 3(2)
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