Vat audit report
This query is : Resolved
15 November 2013
hi..can you throw somw light on how a VAT audit should be conducted? After seing the notification for AR-1 it can only be said that the documents and efforts required are very much intense and the vat authorities are only troubling the assessees. is their any simpler way of conducting this audit?
17 November 2013
VAT audit is simpler compared IT audit.
In vat audit only turnover of receipts out of sales/deemed sales is the main consideration.Purchases and expenses required for earning the receipts are also important.Administration income and expenses are out of the purview of vat.It means up to drawing a trading a/c only facts and figures are necessary to be examined in a vat audit. For this purpose,one needs documents like bank and cash a/c,sale and purchase ledger,sale and purchase bills,stock statement,returns on vat,statutory forms used,etc.From these documents and accounts you have to arrive at total turnover,taxable turnover and taxliability......mjk
In vat audit only turnover of receipts out of sales/deemed sales is the main consideration.Purchases and expenses required for earning the receipts are also important.Administration income and expenses are out of the purview of vat.It means up to drawing a trading a/c only facts and figures are necessary to be examined in a vat audit. For this purpose,one needs documents like bank and cash a/c,sale and purchase ledger,sale and purchase bills,stock statement,returns on vat,statutory forms used,etc.From these documents and accounts you have to arrive at total turnover,taxable turnover and taxliability......mjk
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