Includibility of MVAT Turnover

CA REHMAN A BHAMANI (Practice) (90 Points)

07 January 2011

Pls Can anyone tell me What all things are taken in consideration for determining Rs.40lacs turnover.

Next will Net sales be taken into consideration or Vat Amt will included in Turnover?

Suppose if I have Net sales of Rs.37lacs & Vat @ 12.5% bringing Total to Rs.4162500/- will Vat Audit be applicable?

Thanks

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2 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 07 January 2011

Dear Rehman,

1) Only Net sales is included in determining 40 Lacs turnover.

2) Net Sales should be above Rs. 40 Lacs VAT should not be included in considering Sales.

3) Next, VAT Audit will not be applicable in your given case.

Regards,

Devendra Kulkarni

(Guest)

Originally posted by : Devendra
	Dear Rehman, 1) Only Net sales is included in determining 40 Lacs turnover. 2) Net Sales should be above Rs. 40 Lacs VAT should not be included in considering Sales. 3) Next, VAT Audit will not be applicable in your given case. Regards, Devendra Kulkarni