Surprise inspection -stock value diff - reg.,

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2016 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.

Rupesh Jain

Rupesh Jain (Expert)
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17 May 2016 no % diff will be accept by any tax authority, you have to justify your last year tax valuation, and tell we are taking in our books. if diff then you have to pay the tax.

Querist : Anonymous

Querist : Anonymous (Querist)

17 May 2016 Some one STP Advised if stock diff in below 2% is acceptable