12 November 2008
A company is an EOU Unit. It is manufacturing goods on which VAT is payable.During the year the company purchased windmill and produced power on which vat was not payable.
Ques is whether in VAT Report we are require to mention the profit of POWER DIVISION as it is shown differently in AUdit Report as per IT.Or it is ok if just give the details of Mfg Division
13 November 2008
A company submits Division wise ( Mfg Division and Power Division) Profit & loss account in IT dept. In Vat Audit Report we are required to mention the details of Mfg Division only or Power Division even though VAT is not applicable on the same
13 November 2008
Actually it is enough if you submit that division's p& l where VAT is applicable. But VAT authorities will want a total audited accounts of the company and a reconcilliation of manufacturing division account with total P& L account just to ensure that nothing escaped assessment.
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