What are the details required for vat audit
This query is : Resolved
Eswar Reddy S
(Querist)
25 December 2013
Hi All,
Our client is in the business of works contract and exporting the goods to foreign .
What and all the documents to be collected from the client for vat audit?
MJ Krishnamurthy
(Expert)
25 December 2013
Mr E Reddy,
In works contract it may be under composition,builder and developer,normal tax scheme,and government contractor.Whether involving TDS,govt supply of material,use of machines for work,consumables purchased,land cost included or not,any subcontractors employed,purchases from RDs ,URDs and interstate. For net output tax payable,taxable T.O.,taxliability and deductions available,such as labour,land cost,tax collected and ITC,TDS.All these matters are to be verified.
For export sale,purchase orders form foreign buyers,H forms issued,etc.
An exaustive list can not be given here.
As per state Acts and rules,type of contracts it changes.One taking up audit should have clear knowledge of law.....mjk
In works contract it may be under composition,builder and developer,normal tax scheme,and government contractor.Whether involving TDS,govt supply of material,use of machines for work,consumables purchased,land cost included or not,any subcontractors employed,purchases from RDs ,URDs and interstate. For net output tax payable,taxable T.O.,taxliability and deductions available,such as labour,land cost,tax collected and ITC,TDS.All these matters are to be verified.
For export sale,purchase orders form foreign buyers,H forms issued,etc.
An exaustive list can not be given here.
As per state Acts and rules,type of contracts it changes.One taking up audit should have clear knowledge of law.....mjk
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