for the purpose of VAT audit turn over is 100 laks
what are the inclusions and exclusions.
7 Replies
Abhilash V
(CA Final Student)
(33 Points)
Replied 06 December 2011
For the purpose of vat audit in karnataka total turnover should be considered, which is inclusive of local sale, interstate sale, exports, sales return, rates & taxes etc
vimal talesra
(practioner)
(21 Points)
Replied 17 December 2011
Can any one let me know the notification number and date
RAJU
(LEARNER)
(1089 Points)
Replied 17 December 2011
Definition of `total turnover` in KVAT is reproduced below for reference as to what it includes...
Total turnover means the aggregate turnover in all goods of a dealer at all places of business in the State, whether or not the whole or any portion of such turnover is liable to tax, including the turnover of purchase or sale in the course of interstate trade or commerce or in the course of export of the goods out of the territory of India or in the course of import of the goods into the territory of India and the value of goods transferred or despatched outside the State otherwise than by way of sale.
j.r.kota
(proprietor)
(79 Points)
Replied 23 December 2011
Sec 31 (4) which deals with the audit of accounts under the KVAT Act(Karnataka Act) says "every dealer whose TAXABLE TURNOVER i n a year exceeds ......" which for the FY 2010-11 is Rs1.00 crore.
The total turn over has no relevance here.
j.r.kota.
RAJU
(LEARNER)
(1089 Points)
Replied 24 December 2011
Hi,
The word `taxable turnover` has been substituted by the word `total turnover` in Section 31(4) w.e.f. 1-4-2009.
So it is total turnover which is relevant and not taxable turnover.
j.r.kota
(proprietor)
(79 Points)
Replied 24 December 2011
Dear Friend,
The amendment made wef 01.04.2009 seaks of "turnover" not 'total turn over'.
The definition of turn over under cl (36) speaks of the aggregate amount for which goods are purchased from a person not registered under the act - in the context of purchases. Of course all other matters stated in the clause relates to either directly or indirectly to sales implying the transfer of property in goods.
So in my view not all purchases need to be taken into account while computing the figure of Rs100 lacks, but only unregistered purchases-along with sales and others stated in the clause.
j.r.kota
RAJU
(LEARNER)
(1089 Points)
Replied 03 January 2012
Hi
Karnataka Act 5 of 2009 which was published in the Karnataka Gazette Extraordinary, on the Eighteenth day of March 2009 which was given assent by the Governor on Sixteenth day of March, 2009 states the following;
7. Amendment of Section 31.-
......
....in sub-section (4), for the words `taxable turnover`, the words `total turnover` shall be substituted.
The definition of total turnover is given in the earlier thread...
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