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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- GST ISD Query on various AMCs
- PF wage ceiling
- Gst reverse charge mechanism to be claimed in the month of payment
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
