Please suggest whether Exempted sale turnover will also be considered for working out total turnover limit of Rs one crore.
8 Replies
Pratik K
(Student)
(3406 Points)
Replied 31 March 2009
/i think u are talking abt Gujarat VAT Act
if yes then In Gujarat VAT Act it is clearly stated that if total turnover of Taxable goods exceeds the pre decided limit of Rs.1crore then it should be liable for VAT audit.
So by interpreting the act,according to me The exempted sales should not be counted in deciding the total turnover of the Sale for Audit purpose.
PRADEEP D PATANGE
(CA-Fresher-Service)
(110 Points)
Replied 01 April 2009
hi
Not only in gujrat in all the state only taxable sales or Purchases exceeding Rs. 40 lac require vat audit
pradeep
VIKAS KUMAR MATHA
(advocacy)
(22 Points)
Replied 25 April 2009
what was the turnover limit for vat audit in assessment year 2006-07 in rajasthan
Govind Inani
(Business)
(203 Points)
Replied 25 April 2010
To come under the umbrella of vat audit two conditions must be simultaneously satisfied.
1. Total turnover (whether taxable or not) should exceed Rs 1 Crore and
2. Taxable turnover should exceed Rs. 20 lacs.
Thus if both of the above conditions are satisfied then only one is liable for vat audit.
e.g. an assessee having turnover of Rs 5 crore of exempted goods and Rs. 10 lacs of taxable goods is not liable for vat audit.
GAUTAM CHANDRA MANDAL
(Dy Manager - Finance & Accounts)
(29 Points)
Replied 14 May 2012
What is turnover limit of VAT Audit in West Bengal? What is turnover limit of Income Tax, Service Tax and Central Excise Audit in West Bengal? Also in case of PF, P. Tax, WCT having any limit of trunover for Auditing??? Pl inform me at gautam_ch2 @ rediffmail.com
From
Gautam Ch. Mandal ,Ph 9831707812
harsh
(student)
(21 Points)
Replied 20 November 2013
The turnover limit for VAT Audit in West Bengal is 3 Crores Rupees. However if the turnover lies in between 1.5 crores and 3 crores the dealer is bound to submit a copy of self attested balance sheet, profit and loss account along with form 88A.
Akshay
(Accountant)
(21 Points)
Replied 23 July 2016
Please any one tell me what is criteria for VAT Audit under Gujarat vat act & specified Audit turnover limit for the VAT audit ?
CA Yugma Parikh
(Practicing CA)
(30 Points)
Replied 06 December 2017
What if the assessee is Civil Works Contractor & filing qyartely return on lumpsum basis by depositing WCT?
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