Vat audit turnover

CA Mayur Todmal (Practicing CA) (7756 Points)

30 June 2013

Please tell me whether turnover or gross turnover liable to vat audit? And what includes in turnover of sale? suppose, I have net sales (exluding vat) Rs 5800000.00 and vat on it is Rs 225000.00 whether I am liable to vat audit under mvat act.????

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Deepak Dargad (Chartered Accountant....) (9787 Points)
Replied 30 June 2013

Yes you are liable to Vat Audit.................Its requires gross turnover .

And also in Mvat any gross purchase or gross sales exceeds Rs 60 lakh .............Its liable to vat audit

2 Like

work is worship (Service) (2728 Points)
Replied 30 June 2013

For VAT Audit, Gross Turnover is applicable and not Net Turnover.

AS per MVACT the turnover for tax audit is 60 Lakhs

CA. Kanhaiyalal Gupta (Taxation Incharge) (93 Points)
Replied 02 July 2013

Agree with Deepak

CA Mayur Todmal (Practicing CA) (7756 Points)
Replied 10 July 2013

IQBAL BADRUDDIN LAKDAWALA (Proprietor) (22 Points)
Replied 04 October 2013

what will be turnover of purchase or sales for vat audit

CA Mitesh N Kothari (9821662799) (391 Points)
Replied 10 October 2013

if we are showing it on net basis then also we are liable for VAT Audit??

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