Checklist for Vat Audit

VAT AUDIT SCHEDULES REQUIRMENT

1 Vat Working in Excel Highlighing the Following things :

a. Month wise sales

Net, Vat, Cst, Other items (Transport,Freight etc.) item should be shown separately

b. Month wise Purchases

Net, Vat, Cst, Other items (Transport,Freight etc.) item should be shown separately

c. Totaling should be done as per the periodicity of Vat return.

d. Totaling Should be done annual Seperately.

e. Sales Rerturn & Purchase Return should be shown      separately.

f. Net Sales & Purchase,Gross Sales & Purchased should be clearly showned.

g. Opening Balance of Vat Credit should be shown clearly.

h. Vat liability should be calculated at the end of every period as per the periodicity.

i. Vat Return figure should  Matched With the Tax Audit Figure & Original Vat Returns.

Note : In case if there is any deviation between Tax Audit Figure & Original Vat Returns, different Vat Working  should be prepare for the same.

2 VAT Returns & CST Returns

Following things are required in Vat Audit :

1 Return in excel (Form 231, Form IIIE)

2 Return Rem file.

3 Return Acknowledgement.

4 Tax Challan for each Return.

5 Penalty Challan & Interest Challan separately, if  any.

ANNEXURE REQUIREMENTS

3 Financial Ratios:

As soon as your are ready with Working , Prepare the   Financial Ratios as per the Annexure - F of From 704.

4 Reconciliation Statements :

A Recinciliation Statement should be prepared below the Vat Working :

Determination of Gross Turnover of Sales and Purchase  along with Reconciliation with Profit and Loss account,Trial Balance/ Sales and Purchase Register.

5 Annexure J1

 In a different excel sheet, Customer wise Vat  sales  figures (Showing Net & Vat Separately)along with TIN Number.

Above figure must be given after the effect of Debit Note. Each TIN should be verified separately on Website.

Note : It has been advised to take all tin number of Supplier as far as possible.

If client don’t give TIN Number, if the opposite party  claim Set off 

then it will increase our work burden to revise  J1 after the FORM 704 is filled.

6 Annexure J2

In a different excel sheet, Supplier wise Vat  Purchase figures (Showing Net & Vat Separately) along with TIN Number.

Above figure must be given after the effect of Crebit Note.

Each TIN should be verified separately on Website, if TIN is worng then Party will not get set  off.

7 Annexure J5

In a different excel sheet, Customer wise transaction of Direct Export and High Seas Sales  Under the CST Act.

8 Annexure J6

In a different excel sheet, Supplier wise CST  Purchase figures (Showing Net & Vat Separately, other Items if any) along with TIN Number.

9 C FORM

In a different excel sheet, details of all C Form From Sales.

10 Annexure G

In a  different Excel Sheet , details regarding the Certificate Received (Other than H Form)

Containing Name of the dealer, Type of Certificate, Issuing State, Declaration No., Gross amount as per Declaration.