1 Replies
Sreeniketh Angara
(B. Com CA PCC CS Executive)
(699 Points)
Replied 22 January 2012
Hi Friend,
First check the type of Goods and the Percentage of VAT Being Charged upon them. Then you can proceed with verifying the accounting of VAT Credits( VAT on Purchase of Raw material) and Set Off (VAT on Sale of FG) and if any balance is there on the Credit side, check if the balance is being properly disclosed in the TB. If there is any balance on the payment side, check that the amount is paid off or if not yet paid proper steps have been initiated to pay off the VAT Payable. ALso check the if Monthly returns are being filed as per the schedule and there are no discreoancy as to the Dates of payment of the same. In case there is any discrepancy, Inquire into the matter as to why that has happened. Also check if any C Forms have been Issued so that it may reduce the VAT/ CST Rates on the goods.
Hope you find this helpful.
All the best and God Bless,
Sreeniketh
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