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Vat audit u/s 61 of the mvat act

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(Querist)
30 November 2011 MY CLINET IS TEXTILES MANUFACTURER, DURING THE YEAR HE HAD SOLD MACHINERY WORTH RS. 6100000/-

THE TAX AUDIT IS NOT APPICABLE AS TURNOVER AS PER INCOME TAX ACT IS RS. NIL.

WHETHER VAT AUDIT IS APPLICABLE ?

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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
30 November 2011 Mr Author,
Yes,there is liability on sale of machinery as assets. It gets added to the turnover.
MJK

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