Gautham
asked almost 3 years ago
what do you mean by vat audit?
CA Sandeep Bohra
answered almost 3 years ago
Dear Friend, VAT audit is a type of audit madate by government of different state, to be done by chartered accountants or other eligible person as per the VAT law of that state. Vat audit is governed by state governments thats why the rules and regulations are different. The vat audit limitation is different from state to state. The dealer has to get his books of account audited if the turnover of sale or purchase exceedes the amount specified in the act of that state
rohit awasthi
answered almost 3 years ago
Dear Friend Dealers having Gross turnover (as per M.P. VAT Act) of Rs. 10 crores or more in the state of Madhya Pradesh are required to get VAT audit done by a chartered accountant and submit the report electronically on or before 15th November or such later date as may be notified, failing which, a penalty of Rs.10,000/- may be imposed on the dealer. There are different type of conditions in different states Thanks
