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Assessment

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(Querist)
12 July 2013 What is vat assessment
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RENGARAJ R.K

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RENGARAJ R.K (Expert)
12 July 2013 The querist has not indicated the state to which the query relates to: However, the following is the general procedure of assessment:
1) verification of books of accounts which should show the correctness about
a) Taxable turnover % wise
b) Exempted turnover
c) Interstate sales
d) Interstate transfer
e) Export sales if any
f) other miscellaneous income
g) sales of fixed assets/vehicles etc...

2) Input tax credit verification
a) Local purchase % wise
b) capital goods

3) Interstate purchase and c forms

4) Sales return/purchase return verification

5) correctness of documents with reference to rate of tax, discount allowed etc.,

6) valuation of closing stock
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