B.S.SRIDHAR & Co.,,

CHARTERED ACCOUNTANTS CHENNAI

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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 :-

 

Departments of Central & State Governments,

Local Authorities

The railway administration as defined under the Railways Act, 1989

Tamilnadu State Road Transport Corporations and

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

 

Purchase Account

Sales/Stock Transfer account

Production cum stock account

Stock Register

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

Capital Goods input tax adjustment account

Record of sales through agents

Record of purchases/goods received for sale from principal

Invoices

Certificate of Industrial Inputs

Register of Certificates Issued

Register of Certificates received

Register of delivery notes

Cash book

Bank book

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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Services Offered :-

 

VAT Registration in Chennai

 

TIN Registration in Chennai

 

CST Registration in Chennai

 

VAT Consultancy in Chennai

 

VAT Monthly return filing in Chennai