By CMA. L. Rajesh B.Com., ACMA., Practicing Cost Accountant The Institute of Cost Accountants of India ERODE CHAPTER TN VAT AUDIT—Dec 2017 16th December 2017--6.00 p.m to 9.00 p.m. By CMA. L. Rajesh B.Com., ACMA., Practicing Cost Accountant

APPLICABLITY . As per section 63-A, TNVAT ACT 2007 Every registered dealer whose total 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 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant

Explanation. For the purpose of this section “Accountant” means, a chartered accountant as defined in the Chartered Accountants Act, 1949 (Central Act 38 of 1949) or a cost accountant as defined in the Cost and Works Accountants Act, 1959 (Central Act 23 of 1959).

PROCEDURE As per Rule-A, TNVAT RULES 2007 . As per Rule-A, TNVAT RULES 2007 Every registered dealer liable to get his accounts audited as per sub-section (1) of section 63-A shall furnish the audit report in Form – WW within 1[nine] months from the end of the year in duplicate.

PENALTY As per section 63A (2) ` 10,000/- The notice for levy of penalty will be issued in Form – RR

NOT APPLICABLE TO Departments of Central and State Governments,   Departments of Central and State Governments, local authorities, the railway administration as defined under the Railways Act, 1989 (Central Act 24 of 1989), the Tamil Nadu State Road Transport Corporations and similar such registered dealers, as way be notified by the Government.

NEW FORM WW FORMAT AS PER GO MS No.18 DT 29.01.16   New Form WW has introduced

CONTENT IN NEW FORM WW * NO OF ANNEXURE - 5 * ONTAINS - 9 PARTS * NO OF ANNEXURE - 5 ( PART B -ACCOUNTS INFORMATION)

Points Considered ) PART A - GENERAL INFORMATION # Obtain the detail given in registration purposes and verify the RC copy ( eg, commodity list, place of business etc) # obtain last year figure of % GP, Stock etc., # Stock valuation method # Register details like form 8,10,12 etc

Part B - Accounts Information # Obtain the details from VAT Return Filing during the period including respective annexure. # Annexure 1 - Refund claimed details # Annexure 2 - ITC Reversal / Adjustment ( Reasons) # Annexure 3 - Return filing Summary ( Tax & Interest) # Annexure 4 - Payment Summary # Annexure 5 - Unit wise sales & purchases

3) PART C - BUSINESS INFORMATION GIVE DETAILS FOR STOCK AND COST OF GOODS SOLD ( TAX WISE)   # TRADING - LOCAL AND OTHER THAN LOCAL # MANUFACTURING - RAW MATERIAL, WIP, FG

.. 4 ) PART D - RATIO ANALYSIS 5) PART E - VERIFICATION DETAILS   5) PART E - VERIFICATION DETAILS # INELIGIBLE ITC # OTHER DETAILS (VERIFY FORMS) 6) PART F - TDS ON WORKS CONTRACT 7) PART G - COMPOUNDING DEALER

8) PART H - SUMMARY OF ADDITIONAL TAX LIABILITY   # COMPARE THE FIGURE AS PER RETURN AND AUDIT 9) PART I - REMARK BY AUDITOR OBTAINN DECLARTION FROM ASSEESSE

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