Sales as per vat return and trailbalance

This query is : Resolved

CA Mahesh (Querist)
Follow

05 November 2012 Dear Sir,

While filing of VAT/CST Return , we need to ensure that Sales as per VAT/CST Return and Sales as per Trail balance will be the same. is it mandatory ??.

If not what will be consequences ??

Pls give reply

Satyendra

Satyendra (Expert)
Follow

05 November 2012 Sales as per TB and as per return not same due to so many reasons and adjustments. So, prepare reconciliation of the same.

Message likes : 1 times

CA. Hari Kishan

CA. Hari Kishan (Expert)
Follow

05 November 2012 There is no need that Sales as per TB and sales (taxable turnover) for the purpose of VAT should be same. Taxable turnover shall include several other components ep: Sale of scrap, sale of assets, Excise duty collected on sales.. they all shall be part of reconciliation of sales..

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!