Vat audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2013 Can anyone tell me what is VAT AUDIT?
What is the procedure for VAT AUDIT?
What are the areas to be covered in VAT AUDIT?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 August 2013 VAT audit is the audit prescribed by the Particular State VAT act and apply on the dealers those are turnover exceeding the limit fixed for VAT audit as per the act.

Procedures also prescribed by the VAT act, basic objective is the confirm your asssseable turnover under VAT and your VAT payable calculation and verification of challans and VAT input taken by the assessee against the VAT payable

Also reconcile with your books and VAT return submitted by you.

VAT audit can conduct by the professional which specified by the VAT act, either CAs or CMAs only. the VAT audit report also as format prescribed by the VAT act