Vat query
This query is : Resolved
27 June 2012
please tell me what things to be considered while doing audit of vat
27 June 2012
In general, the following are to be considered for the VAT audit.
1) Keep all the books of account ready to show the following
a) Taxable purchases local, interstate, Imports if any% wise, like 5%, 14.5% or exempted
b) Taxable sales local, interstate, export if any % wise and exempted turnover
c) Opening and closing stock of taxable, exempted turnover
d)Interstate Stock transfer inward and outward, if you have branches outside the state in the same firm name.
2) Road permit forms used for taxable commodity (we donot know which state you are) with register
3) C form/F forms received/issued with registers
4) Purchase invoices for which ITC availed, exempted purchase invoices, interstate purchase invoices, sale invoices.
5) All monthly/quarterly return copies with proof of admitted tax.
6) product classification list you are dealing to prove that your products in that category.
7) If you are central excise RC holder, keep the books of excise also.
You have to answer for the query raised by the Audit party.
1) Keep all the books of account ready to show the following
a) Taxable purchases local, interstate, Imports if any% wise, like 5%, 14.5% or exempted
b) Taxable sales local, interstate, export if any % wise and exempted turnover
c) Opening and closing stock of taxable, exempted turnover
d)Interstate Stock transfer inward and outward, if you have branches outside the state in the same firm name.
2) Road permit forms used for taxable commodity (we donot know which state you are) with register
3) C form/F forms received/issued with registers
4) Purchase invoices for which ITC availed, exempted purchase invoices, interstate purchase invoices, sale invoices.
5) All monthly/quarterly return copies with proof of admitted tax.
6) product classification list you are dealing to prove that your products in that category.
7) If you are central excise RC holder, keep the books of excise also.
You have to answer for the query raised by the Audit party.
28 June 2012
thank u sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
