What will be the gross turnover of sales in case of mvat audit in form 704 if the dealer has different vat registration in three different states?
Will gross turnover include the sales of other states or only sales in maharashtra?
6 Replies
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 01 December 2011
Total amount of sales whether local or oms or export excluding vat, if more than 60,00,000/- then
it is liable for Mvat Audit.
Sagar
(student)
(326 Points)
Replied 01 December 2011
thanks but does it matter if the HO is at maharashtra and all the entries are passed in maharashtra but invoices are prepared in other states
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 01 December 2011
keep books of accounts in Maharashtra Office during assessment from Sales Tax departments.
You can provide invoce copies to auditor as he reqired.
kavita prashant ubhe
(Article assistant)
(31 Points)
Replied 30 August 2013
what is gross turnover of sale? where and how we record it?
CA. Sushant Bhatnagar
(Associate Manager - Taxation)
(49 Points)
Replied 03 September 2013
Hi Sagar,
For Maharashtra VAT Audit, the records pertaining to only Maharashtra VAT Act will be considered. When MVAT Audit is conducted, they would consider the return filed as the basis for initiating the process. There are number of things which would be required to complete which include C Forms, F Forms, All Return Copies, All Return challan. The MVAT Auditor will also ask for seperate Trial Balance, Balance Sheet and P& L for maharashtra.
If you are following branch accoutning then the same can be easily provided whereas if centralised accounting is maintained then you would have to give a management declaration
stating that no seperate books of accounts are kept for the branch.
Please note that MVAT Audit report is considere as base when the Assessment is initiated the VATO
Thanks & regards
CA. Sushant Bhatnagar
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