23 August 2010
Karnataka Value Added Tax Act, 2005 requires assesses to be self complainant with the provisions of law. The responsibility to ensure payment of proper taxes, filing of proper documents and statements rests with the dealers and the professionals auditing the assessees records. The objective of the seminar is to have an update on the law and procedures pertaining to Karnataka Value Added Tax Act and the K-VAT Audit. The basic simplification in the VAT regime is that the tax liability will be self assessed by the dealers after claiming the Input tax credit. The correctness of self-assessment shall be checked through an audit to be carried out by an Independent Auditor appointed by the assessee, under the K-VAT Act. The areas of audit focus would include: ascertaining the Turnover, CST, Rate of tax, Commodity classification, Input tax credit allowable and restrictions thereon. The Value Added Tax law is not free from issues of interpretation and conflicting judicial rulings. The speakers will bring to bear their knowledge and experience in discussing the various provisions of law and the applicable case laws.
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