RE: [aurangabad_ca] MVAT Audit - Urgent
Dear Sir,
If dealer is liquor dealer and crossed Turnover Rs. 5.00 lacs on 28/03/2009, but taken a vat no in May 2009. In this case as per my opinion, he is liable for Mvat audit for the period 2008/09 because in that year the Turnover is crossed Rs. 5.00 lacs a threshold limit.
He has not filed return is legally wrong. Because he has to filed return for this URD period. and has to pay Vat without claiming purchase setoff.
Now the second question is if his Turnover is not crossed Rs. 5.00 lacs in 2008/09.Then getting Mvat audit report is not required by law. Because Sec 61 clearly says that
THE DEALER LIABLE TO PAY TAX SHALL- b] a dealer or person who holds license in - Forms Fl-1.... form Cl-I etc.get his accounts audited in respect of such year/. For Mvat audit u/s 61, there is basic requirement that First Dealer should liable to tax.The liability to pay tax is mentioned in SEc 3 of the Mvat act,2002. In which the limit of Turnover is fixed at Rs. 5.00 lacs.
So as per my opinion, The dealer is not required to get Mvat audit in second case.
Thaking you,
CA Shirish J Vinchurkar, Chalisgaon. 9823242519
To: kalanimantriasso@
From: cacsvijaykalani@
Date: Sat, 27 Mar 2010 12:18:01 -0700
Subject: [aurangabad_
| Dear Members One of client is liquor dealer. He has started his business in Jan 2009 and has crossed his turnover of Rs. 5,00,000/- in 28 March 2009 but take vat number in May 2009. So whether he is liable to do VAT audit for the year 2008-09 as he has not file any return for 2008-09. Suppose he has not covered Rs. 5,00,000/- and in April he has closed his business then whether he is liable for MVAT Audit, if yes then what about E-70 Form. He has not having TIN, so not possible to upload. Thus it means he is not liable to do audit. With Thanks & Regards CA Vijay R Kalani M.Com, ACA, LCS, ICWAI (FNL) Partner M/s. Kalani Mantri & Associates Chartered Accountants Head Office: Branch Office: CA. Nitin M Mantri CA Vijay R Kalani 39/587, Lokmanya Nagar, "SEVASADAN", New Mondha, Navi Peth, Pune - 30 Maganpura, NANDED - 431 602 Mobile - +91 94232 12750 Mobile : +91 94232 13129 Email: canitinmantri@ Associates Office : Aurangabad, Jalna, Latur, Parbhani, Hingoli, Washim, Amravati, Akola (This email is confidential. If you are not the addressee tell the sender immediately and destroy this email without using, sending or storing it. Emails are not secure and may suffer errors, viruses, delay, interception and amendment. Sender do not accept liability for damage caused by this email and may monitor email traffic) |
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