Dilip Bandekar
(Service)
(85 Points)
Replied 10 October 2012
As per Section 61 of Maharashtra Value Added Tax Act 2002, following conditions must be satisfied for mandatory Audit:-
1) Turnover of Sales or Purchases exceeds Rs.60 lacs or
2) If the dealer holds liquor licence
3) If the Dealer is holds Entitlement Certificate in respect of any of the Package Scheme of Incentives granted under MVAT Act 2002 or BST Act.
As your case will fall under 1st condition.Also Section 61 talks about Turover of Sales or Purchases. The said Terms are defined by Section 2(32) & 2(33) of MVAT Act 2002 as purchase or sale of any goods.
Therefore, you have to get the books of accounts audited though purchase and sell is of only tax free goods.
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