May 282014
 

From October 2012 onwards under the TNVAT act, the dealers were required to file Annexure – I A in respect of purchases/transactions for which Statutory forms (viz Form C / Form F), are to be issued. This was done with a view of downloading the Statutory Forms (Form c & F) from the e filing portal itself. Till date these forms can be generated only upto six months from the date of filing. This was causing undue hardship to the dealers in generation of forms and many dealers were unable to download the forms which are more than 6 months old.

The TNVAT department has now announced that this restriction of 6 months for download of forms have been removed and now the dealers will be able to download the C forms pertaining to the period from October 2012 to October 2013.

The department has made this facility for the dealers to clear the backlog in issue of statutory Forms. This facility is available only upto 10th August 2014. All the dealers who have missed to download the Statutory forms from October 2012 can make use of this opportunity and download the forms online now.

Source :- www.tnvat.gov.in

The relevant announcement in the TNVAT efiling website is reproduced below :-

Download (PDF, 33KB)

Jun 092013
 

ALL ABOUT TNVAT AUDIT

APPLICABILITY

Every registered dealer whose turnover including zero-rate sale and sale in the course of inter-state trade or commerce as specified in Section 3 of the Central Sales Tax Act, 1956 in a year, exceeds one crore rupees shall get his accounts audited by an Accountant and submit the report to the Assessing authority within the stipulated time.

EXEMPTIONS

This audit requirement is not applicable to the following :-

(i)                 Departments of Central & State Governments,

(ii)               Local Authorities

(iii)             The railway administration as defined under the Railways Act, 1989

(iv)             Tamilnadu State Road Transport Corporations and

(v)               Similar such dealers, as may be notified by the Government.

AUDIT REPORT

The Form of audit report shall be Form – WW. This form shall be prepared,signed and certified by Accountant , in duplicate , and shall be submitted to the Assessing Authority.

TIME LIMIT FOR AUDIT

The time limit for submission of audit report is 7 months from the end of the year. (ie.,) For the year ended 31st March 2013, the Report shall be submitted on or before 31st of October 2013.

WHO CAN DO THE AUDIT

A Chartered Accountant as defined in the Chartered Accountants Act, 1949 or a Cost Accountant as defined in the Cost and Works Accountants Act, 1959  can conduct the audit.

WHAT ARE THE ACCOUNTS/RECORDS TO BE MAINTAINED AND AUDITED

v     Purchase Account

v     Sales/Stock Transfer account

v     Production cum stock account

v     Stock Register

v     Input tax adjustment account showing opening balance, claim during the period, output tax, adjustments,reversals,etc.,

v     Capital Goods input tax adjustment account

v     Record of sales through agents

v     Record of purchases/goods received for sale from principal

v     Invoices

v     Certificate of Industrial Inputs

v     Register of Certificates Issued

v     Register of Certificates received

v     Register of delivery notes

v     Cash book

v     Bank book

v     General Ledger

 

HOW TO CALCULATE THE TURNOVER

Turnover for VAT audit includes .

-                      Taxable Turnover

-                      Zero rated sales

-                      Exempted Sales

-                      Inter state sales

-                      Purchases turnover assessable to tax u/s. 12 of TNVAT Act (purchases from unregistered dealers)

-                      Sale of Capital Goods (Example-Sale of Car by the assessee)

-                      Value of Stock Transfer (outward)

WHAT HAPPENS IF ANY DEALER FAILS TO SUBMIT AUDIT REPORT

If any dealer fails to get his accounts audited and submit a report of such audit within the prescribed period, the registered dealer will be required to pay a sum of Rs. 10000/- as penalty in addition to any tax payable, in respect of the said period. The assessing authority also has got the powers under the act to compel the dealer to submit the audit report.

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