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Vat audit

Hiten (CA) (275 Points)

26 August 2013

namastey. pls tell me how to check vat account and also I want to know that how set off & carry forward of vat are done..as I have learn this theoretically not applied practically.so little confused...what are the forms for vat payment and return filing..

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CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 26 August 2013

Dear Hiten,

for VAT payment (in delhi), DVAT-20 is used.. and for VAT return, DVAT-16 is used...

for every sale the dealer incur, the VAT account is credited as it is liability on the part of the dealer to make payment to the govt. and for every purchase, VAT account is debited as it is asset for him... because he will get credit/set-off that VAT input (got on items purchased) while making payment for the VAT liability (which he incurred when he made sale)... thus, the remaining amount, if any, left is required to be paid to the govt. (after claiming VAT input).

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com