Vat audit under karnataka vat 2003
This query is : Resolved
21 December 2013
Respected sir.
one of our party has the registered under KVAT 2003 and he is liable for vat audit as per KVAT Rules...
the party has the input credit and he is not required to pay tax...but he is wrongly claimed input credit and which is identified during the audit period... as at the year end he has the balance input vat credit...
Now my question is whether he required pay tax along with interest or he can set up the payable amount from input credit available at the year end...
pls reply urgently..
S B HIREMATH
AUDIT ASST
MATHAPATI & CO
CHARTERED ACCOUNTANT
BELGAUM
one of our party has the registered under KVAT 2003 and he is liable for vat audit as per KVAT Rules...
the party has the input credit and he is not required to pay tax...but he is wrongly claimed input credit and which is identified during the audit period... as at the year end he has the balance input vat credit...
Now my question is whether he required pay tax along with interest or he can set up the payable amount from input credit available at the year end...
pls reply urgently..
S B HIREMATH
AUDIT ASST
MATHAPATI & CO
CHARTERED ACCOUNTANT
BELGAUM
21 December 2013
Mr Hiremath,
The input credit available when some additional tax becomes due can be adjusted. When there is some net tax payable due to additional demand ,even after adjusting with excess input tax credit,then only interest and penalty will arise.But, such adjustments may affect the calculations of succeeding months,which may be verified.....mjk
The input credit available when some additional tax becomes due can be adjusted. When there is some net tax payable due to additional demand ,even after adjusting with excess input tax credit,then only interest and penalty will arise.But, such adjustments may affect the calculations of succeeding months,which may be verified.....mjk
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
