Is it mandatory for a dealer under VAT act to maintain quantative detail of its stock? If yes, pls mention the section under which it is mandatory.
Thanks
Piyush
Piyush Jain (CA) (283 Points)
24 December 2008Is it mandatory for a dealer under VAT act to maintain quantative detail of its stock? If yes, pls mention the section under which it is mandatory.
Thanks
Piyush
praveen
(Chartered Accountant)
(6971 Points)
Replied 24 December 2008
in karnataka they ask for us to certify even classification of stock .....
but many are using a disclaimer that stock records have not been maintained. I dont think maintenance of stock is compulsary....
TC
Piyush Jain
(CA)
(283 Points)
Replied 25 December 2008
so praveen that means the department is not penalising the dealer who is not providing quantitative detail.
Piyush
Ameet
(L)
(1678 Points)
Replied 26 December 2008
As per the VAT Act, the CA has to confirm the maintainability of proper books of stock in VAT Form 704.
CAclubindia
