Is trading loss levy under vat act

sir,

trading loss applicable to incometax act. not  under vat act. vat is just collection of tax at the time of billing resposibility of seller to pay tax even he missed to collect.

2. u are said to produce trading ac the assessing officeri,  he may check for the revenue loss suppose ur :Local Sale turnover 1cr and say  tax is 5% he calculate the check atleast u have paid tax 5 Lalhs and he will be check that wether the Gross Profit is maintained consistently and to compare the previous perid assessments. hence loss on trading nothing to do with VAT Act.Please.

  regards.

p.r.ganesh

We are often advised that need to submit qty wise/VAT rate wise statement of purchase, sales,etc to prove the actual reason for Trading Loss. Whereever we unable to produce qty wise statement to the department due to damage,etc.The CTO has power to leavy to tax during the circumstatnces.

I have just expected from professional group whether any of the dealer has met such leavy of tax in any other location.