VAT Audit in Karnataka

This query is : Resolved

bm (Querist)
Follow

18 December 2007 Procedures in VAT Audit in Karnataka

sachin alwadhi (Expert)
Follow

23 August 2010
Karnataka Value Added Tax Act, 2005 requires
assesses to be self complainant with the
provisions of law. The responsibility to ensure
payment of proper taxes, filing of proper
documents and statements rests with the dealers
and the professionals auditing the assessees
records. The objective of the seminar is to have an
update on the law and procedures pertaining to
Karnataka Value Added Tax Act and the K-VAT
Audit. The basic simplification in the VAT regime
is that the tax liability will be self assessed by the
dealers after claiming the Input tax credit. The
correctness of self-assessment shall be checked
through an audit to be carried out by an
Independent Auditor appointed by the assessee,
under the K-VAT Act. The areas of audit focus
would include: ascertaining the Turnover, CST,
Rate of tax, Commodity classification, Input tax
credit allowable and restrictions thereon. The
Value Added Tax law is not free from issues of
interpretation and conflicting judicial rulings.
The speakers will bring to bear their knowledge
and experience in discussing the various
provisions of law and the applicable case laws.