Vat query

This query is : Resolved

Share Report Follow Query Ask a Query

Shagun Sharma

Shagun Sharma (Querist)
Follow

27 June 2012 please tell me what things to be considered while doing audit of vat

RENGARAJ R.K

RENGARAJ R.K (Expert)
Follow

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.

Shagun Sharma

Shagun Sharma (Querist)
Follow

28 June 2012 thank u sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now