Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS
 
 
VAT (Value Added Tax) »
 VAT on Market Price to Push LPG Cylinder Cost up by Rs 30
 Telangana considers levying VAT on e-commerce deliveries as a tax mobilisation measure
 Procurement agencies told to pay VAT on sale of paddy by products
 Odisha traders stop import of food items
 Details of new application uploaded in the DVAT Server.
 Advisory Price, VAT Breaking The Back of Sugar Mills in Tamil Nadu, Says Assn
 GST still not in place, states dismantle VAT
 Special drive for disposal of objections relating to mismatch of Annexure 2A/2B cases for the Assessment Year 2012-13.
 Clarification regarding availment of CENVAT credit after six months
 Delhi VAT Rules as on 5th March 2014
 Filing of online return for 2nd quarter of 2014-15 extension of period thereof.

Turnover cap for VAT audit
December, 17th 2009

Bowing to demands of small traders and entrepreneurs, the Bihar government has decided to enhance the annual turnover limit for mandatory VAT audit from Rs 40 lakh to Rs 1 crore.

According to the VAT Act, 2005, it was mandatory for every dealer whose annual turnover exceeded Rs 40 lakh to get his accounts audited by a chartered accountant before December 31 every year. This was, however, opposed by small dealers who pressed for amendment to the existing Act so that the exercise became less cumbersome.

The Bihar Chamber of Commerce welcomed the move and said it would be of immense help to small ventures, particularly such units, which are engaged in business in towns other than the state capital.

"Getting their books of account audited by CAs was very demanding for small traders as the whole exercise was not only cumbersome but also expensive. States like West Bengal and Gujarat also had such a VAT policy in place and it was therefore in the fitness of things that Bihar too raised the limit," the chamber said.

Deputy chief minister Sushil Kumar Modi, who is also in charge of finance, said the government took the step to promote small business ventures in the state.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2014 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions