Anonymous
This Query has 3 replies

This Query has 3 replies

Dear Sir,

We are manufacturing company. Tamil nadu commercial Tax officials conduct the Surprise Inspection to our company.

At the time of Surprise Inspection the official taken the stock diff value in following format.

Verification of Stock of goods held at the time of inspection compared with books of accounts it is found the stock difference value of Rs.71,15,133/- for which sales suppression arrived at Rs.7,7,202/- by adding G.P@8.26%. the details are as follows.

1) Stock that should be as per A/c. ----- Rs.4,52,62,627/-
2) Actual Stock Found ----- Rs.4,45,47,494/-
3) Stock Diff found ----- Rs.7,15,133/-
4) Add G.P. 8.26%. ----- Rs.59,070/-
5) Sales Suppression Involved ----- Rs.7,74,202/-
6) Tax involved @14.5% ----- Rs.1,12,259/-

in this situation the Stock diff value 1.58% (7,15,133 / 4,52,62,627 ) only.

what is the % applicable for the Manufacturing industry stock Diff acceptable by the TN VAT Act & also please send the details of the notifications.

Thanking You,

R.Iyappan
Cell: 9894818701.



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17 May 2016 at 00:57

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13 May 2016 at 11:38

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