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Vat query

29 April 2015

last year i was eligible for VAT audit but this year my turnover doesnt cross one crore whether i am liable for 704 this year??

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7 Replies

MASTER MIND (CA on Duty) (104 Points)
Replied 29 April 2015

No you r not liable for MVAT audit (Form 704) this year.

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CA Raj Doshi (Practising CA) (8924 Points)
Replied 01 May 2015

In a general meaning , Turnover for vat audit means basic + vat. If such turnover below 1 crore, vat audit not applicable.

Rakesh Verma (Accountant) (45 Points)
Replied 09 July 2015

Originally posted by : Sandhya Bindani
	last year i was eligible for VAT audit but this year my turnover doesnt cross one crore whether i am liable for 704 this year??

dear sir my firm purchased from up registered dealer but sale in cash to unregisterd dealer and my firm has in compounding scheme, So i want to see complete filledup from 24 quarterly in up vat. Please help me.

CA VIKAS MEHROTRA (Partner) (27 Points)
Replied 17 July 2015

If i am a dealer and purchase 3 pcs. of a goods as on 24.06.2015 having total input VAT is rs. 600 and sale only 1 pcs. upto end of june 2015 quater , output VAT on sale item is rs. 350 then whether i claim input vat credit only for one pcs. and deposit rs. 150(350-200) or there is no requirement to deposit VAT because i have ITC of Rs. 600 and my output VAT liability upto june quater is only rs. 350 .