In Maharashtra, VAT (Value Added Tax) registration is compulsory for dealers with sales over Rs. 10 lakhs. Upon registration with the state sales tax department, dealers will be allotted a unique 11 digit TIN (Taxpayer Identification Number). Value added tax is a state level tax which is levied on sale of goods, hiring of goods and work contract. VAT is applicable to those who are into the business of Sales/ Manufacturing/ Distributors/ Wholesalers/ Software Industry (Direct Exports). Ever since the introduction of VAT, compliance requirement has increased considerably and thus requires expert services for maintenance of records and calculation of tax liability. VAT is a Multi-Stage tax levied at each stage of the value addition chain, with a provision to allow input tax credit on tax paid at earlier stage, which can be appropriated against the VAT liability on subsequent sale.
Sales Tax VAT Audit
VAT Audit Service offering
A N Bhutada & CO offering VAT Audit services in Pune. Our auditing team includes experienced chartered accountant and trained staff. Our services includes preparation financial statements , certification etc. We strongly follow legal provision in execution of VAT auditing. We believe in providing value added service to companies through our expertise knowledge and experienced professionals.
- Compliances with regulation
- Advise on controls and improvements
- Confirming accounting treatment of tax collected and paid
- Preparation of VAT Audit Report
- Review of books of account of company and check same with in accordance of Law of Land
VAT Audit Applicability FY 2017-18
As Per Maharashtra Sales tax with respect to Section 61 of The Maharashtra Value Added Tax Act, 2002 If the (i) aggregate of his turnover of sales and the value of goods transferred to any other place of his business or of his agent or principal, situated outside the State, not by reason of sale, of turnover of purchases, exceeds rupees one crore ( 100 lac ) in any year need to get his accounts in respect of such year audited in prescribed Form 704 of VAT audit from Chartered Accountant.
For FY 2016-17 due date for filing Maharashtra VAT Audit is 15 Jan 2018