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Vat

Abhay Thacker (Chartered Accountant) (99 Points)

05 April 2015

One of my client has obtained registration of VAT last year but did not maintain any bill of purchase and sale and from current year he wants to maintain all records nd file vat return.. please tell me what to do of previous year now?

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CA Raj Doshi (Practising CA) (8799 Points)
Replied 07 April 2015

One or the other you will have to pay vat. For that you will need books of accounts and financial statements. So it will be better to prepare books of accounts through various measures : bank statement will give you list of customers and suppliers. Take entire ledger along with stock from those parties and incorporate in your books. Then send request letters of detailed ledgers of previous years to parties whose name aapear in current year bank statement. Stock inward outward will help you trace stock shortages and thus potential suppliers. You can take purchase party report from officer ( if in Maharashtra ) or check ITC report in online website under dealer information system. Like this you will be able to prepare and finalise books. Then ratios of g.p and n.p will help you more in finalisation. Regards