A company has a total turnover of more than 2 crore . However its turnover related to VAT sales(excluding income from services) is less than 20 Lac, is VAT audit compulsory for such companies ?
12 Replies
shreepad gaonkar
(articled clerk)
(21 Points)
Replied 22 June 2015
Yes.. Turn over exceeds 1 crore Should do vat audit...
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 22 June 2015
Sales n purchases definition are provided in the respective vat acts. If your turnover of sales or purchases exceeds 1cr then only do vat audit otherwise not.
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 22 June 2015
In Gujrat, there are two conditions
Total turnover exceeds one crore and
Taxable turnover exceeds rwenty lakh.
Conditions for applicability of vat audit
In Guj.
Neha Khandelwal
(no)
(25 Points)
Replied 22 June 2015
If Turn over exceeds 1 crore than vat audit is required...
Gaurav
(P.O.)
(22 Points)
Replied 22 June 2015
If turn over more than 2 Crors of non vat goods then there is vat audit is compulsory or not.
Dipesh Mehta
(Proprietor)
(22 Points)
Replied 22 June 2015
Irrespective of taxable goods sales/purchase less than 1 crore, if the dealer is registered dealer and if his turnover is more than one crore including tax free goods he is liable to Vat Audit under MVAT Act 2002
Dinesh
(Chief accountant)
(21 Points)
Replied 23 June 2015
My company is provided for work contract service & it receipt about Rs. 8 crore
So cane we liable for VAT audit?
Dipesh Mehta
(Proprietor)
(22 Points)
Replied 23 June 2015
Works Contract Services are considered as Sales under MVAT Act, 2003. Hence VAT Audit is applicable
prashanth
(bangalore)
(28 Points)
Replied 23 June 2015
If he register dealer n his annual turnover exeds 1 crore than its related to vat audit n vat audit due date is December month
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