Vat query
This query is : Resolved
27 June 2012
please tell me what things to be considered while doing audit of vat
27 June 2012
In general, the following are to be considered for the VAT audit.
1) Keep all the books of account ready to show the following
a) Taxable purchases local, interstate, Imports if any% wise, like 5%, 14.5% or exempted
b) Taxable sales local, interstate, export if any % wise and exempted turnover
c) Opening and closing stock of taxable, exempted turnover
d)Interstate Stock transfer inward and outward, if you have branches outside the state in the same firm name.
2) Road permit forms used for taxable commodity (we donot know which state you are) with register
3) C form/F forms received/issued with registers
4) Purchase invoices for which ITC availed, exempted purchase invoices, interstate purchase invoices, sale invoices.
5) All monthly/quarterly return copies with proof of admitted tax.
6) product classification list you are dealing to prove that your products in that category.
7) If you are central excise RC holder, keep the books of excise also.
You have to answer for the query raised by the Audit party.
1) Keep all the books of account ready to show the following
a) Taxable purchases local, interstate, Imports if any% wise, like 5%, 14.5% or exempted
b) Taxable sales local, interstate, export if any % wise and exempted turnover
c) Opening and closing stock of taxable, exempted turnover
d)Interstate Stock transfer inward and outward, if you have branches outside the state in the same firm name.
2) Road permit forms used for taxable commodity (we donot know which state you are) with register
3) C form/F forms received/issued with registers
4) Purchase invoices for which ITC availed, exempted purchase invoices, interstate purchase invoices, sale invoices.
5) All monthly/quarterly return copies with proof of admitted tax.
6) product classification list you are dealing to prove that your products in that category.
7) If you are central excise RC holder, keep the books of excise also.
You have to answer for the query raised by the Audit party.
28 June 2012
thank u sir
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