Please Help: VAT Audit
Posted Date : 08-Jul-2011 , 05:54:38 pm | Posted By: CA Rajnish
Category :
VAT | Answers :
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Please any one give the total process to file UP Vat Audit.I have a client having turnover >1 cr. |
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Answers:
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 Answer by: PRIYANKA |
| Rajnish, generally vat audit is conducted by the same CA or advocate who normally prepare the monthly vat returns of the assesee, so in this case the things that are required to be taken care of during vat audit are: To make sure that all the purchases and sales that are recorded in our books correspond or match to the returns filed, .i.e.,there should be no difference between purchase and sale and related input and output vat data in your returns filed and the books maintained, then you have to do the detailed working of input credit carried forward to next yearwhich should tally with the input credit to be carried forward as shown in the last period return of the related financial year. If these things are tallied then there is no problem, and if there is some difference in the above data, then you will have to do the detailed working and carry out the detailed procedures to locate the differences and retify the same , which would depend upon the differences found.
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| Comments |
| Posted By : Saurabh Mittal |
09-Jul-2011, 07:21:22 |
| vat audit in large firm is very long process.
in that case test checking is mostly taken by CA's
simple process:
firstly you export sale __(%) in excel sheet
secondly you export vat in above sale in excel sheet
than in excel sheet you take the above two amounts in series and make a formula __% of sale and take a difference |
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