How the turnover is calculated to ascertain the applicability of Tamil Nadu VAT Audit?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked over 3 years ago

How the turnover is calculated to ascertain the applicability of Tamil Nadu VAT Audit?

    0       0 Answer Now Comment Report
2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered over 3 years ago

-Turnover for VAT audit includes Zero rated sales and Inter State sales as per Section 3 of the CST Act, 1956. The term “turnover” is aggregate of sales turnover plus the purchases turnover assessable to tax under Section 12 of Tamil Nadu VAT Act, 2006. -Discount allowed in the invoice itself is not liable for VAT and may not be part of turnover assessable to VAT. In other situations, the gross sale value is to be considered for working out the VAT liability and other discounts may be part of turnover. -Total Turnover = taxable turnover + sales of exempt goods + value of stock transfer + purchases assessable to tax u/s 12 + zero rated sales -Consignment turnover or agency turnover is to be included in agent's turnover if he is an agent of a non resident principal. If the agent is an agent of a resident principal, it is the principal who is liable under this act.

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 3 years ago

Accordingly to ensure the correctness of the returns filed by the dealers falling under the deemed assessment category, the Government have introduced section 63-A in the Tamil Nadu Value Added Tax Act, 2006 providing for audit of a dealer’s accounts by a Chartered Accountant or a Cost Accountant in the year 2013.

    0       0 Comment Report
Get Notifications
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.