what is VAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2010
can anyone explain me in full on what is VAT , how it is computed , accounted for etc. I would like to know it in a detailed format since I am an articled assistant whenever i go to any co. for audit. it really becomes impossible for me to do the audit of statutory departments. because i am unknown to all these , i would also like to know the same for excise duty and CST. Please provide it to me as early as possible since its really very urgent.
02 August 2010
1. VAT means value addition tax.
2. See carefully the purchase bill and sales bills of the client.
3. You will see that vat has been calculated on the bill on a particular percent on price of goods. Confirm from your client the rate of VAT. If you are not assured, note down the query and discuss with your boss. If possible; you can also ask the company's Vat Consultant.
4. The vat entries are made separately in the books.
5. Similarly; you would be able to check the amount of Excise.
6. Ask the company official to provide you the details of VAT RETURNS and EXCISE RETURNS which they have filed with the respective departments.
7. Carefully go through the adjustments made in VAT Returns for Amount Payable towards VAT.
2. See carefully the purchase bill and sales bills of the client.
3. You will see that vat has been calculated on the bill on a particular percent on price of goods. Confirm from your client the rate of VAT. If you are not assured, note down the query and discuss with your boss. If possible; you can also ask the company's Vat Consultant.
4. The vat entries are made separately in the books.
5. Similarly; you would be able to check the amount of Excise.
6. Ask the company official to provide you the details of VAT RETURNS and EXCISE RETURNS which they have filed with the respective departments.
7. Carefully go through the adjustments made in VAT Returns for Amount Payable towards VAT.
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