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Tnvat annexure av

Subramani (Employed) (198 Points)

11 December 2013

Is it mandatory to upload the TNVAT annexure AV while filing returns in TNVAT ? Pls help out Frnds...

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9 Replies

sree harsha (Article Trainee) (73 Points)
Replied 11 December 2013

Yes it is mandatory now, if there is closing stock then u need to enter the details as mentioned in the circular given in this regard.

1 Like

Subramani (Employed) (198 Points)
Replied 11 December 2013

All our Raw material purchses are from other states. In such case, our ITC is always Nil. Is it right to show ITC c/f as nil and still showing some value as stock in the annexure ?

sree harsha (Article Trainee) (73 Points)
Replied 11 December 2013

(as I Understood)

There is no need to Inform the Closing stock details if, there is no ITC carried forward to the next month.

I took this stand based on Note specifically mentioned in the circular as

"The above details shall be furnished, if ITC is carried forward in a Month". moreover I dont think they need details of purchases from outside the state.

1 Like

Mahalingam (Senior Audit Staff) (21 Points)
Replied 11 December 2013

NEED CLARITY ON ANNEXURE 5 of FORM I

The Input Tax Credit is the difference between the Tax paid on purchases and the Tax that is payable by us on sales. The VAT is calculated on Purchase Value for VAT on Purchases and on SALES VALUE for VAT on Sales. The VAT on closing stock would be that relating to Purchase Price (Cost Price) but whereas the ITC carried forward would be the difference between VAT on Purchase Value and VAT on Sales Value. How would this match? Can anyone throw some light on this?

sree harsha (Article Trainee) (73 Points)
Replied 12 December 2013

Sir,

you are right, we too actually facing the same problem. But in this month some how we adjusted the credit and reported, but some expert in the forum should give a clarity on this circular.

CA Jugal Punjabi (Finance Officer) (91 Points)
Replied 12 December 2013

Hi Colleagues

Can someone guide me about requirements of VAT Audit under TN VAT.

Thanks in advance.

K SENTHIL KUMAR (Executive Accounts) (21 Points)
Replied 18 December 2013

Respected All,

Sub: Sales Tax Annex_AV

We have opening input Rs: 30,000/- (Closing Oct'13) and current monthy excess input Vat 5% Rs 250/- (Rs 5,000/- @ 5%) and Vat 14.5% Rs: 1,450/- (Rs 10,000/- @ 14.5%),

serial_no	ITC_previousmonth	Goods_descripttion	commodity_code	Purchase_Value	Tax_Rate	ITC_Forward
1	0	0	0	0	0	0
2

Can you fillup the attachment and send it the same

Please note that my email ID (accounts @ cryoscientific.com)

Thanks & Regards,

K. SENTHIL KUMAR

Attached File : 860381 1262081 33796223759112013av.xls downloaded: 600 times

RAVINDIRAN (Tax Practitoner) (106 Points)
Replied 19 December 2013

Sir,

Pls clarify that, Is this Mandatory to file Annexure AV if there is NO ITC carry forward for the month.

I'm asking this because while i tried to submit the return for our sister concern which has ITC credit i got the message its madatory to file Annexure AV. Is the same will happen for another firm which does not has ITC.