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ISSUES UNDER GVAT CA. Kishor R. Gheewala

ISSUES UNDER GVAT CA. Kishor R. Gheewala. 1. Whether the Registered Dealer is liable for Audit in following cases: a) The Dealer has its Factory under installation & has made local purchases of machineries worth Rs. 2 Crores. There are no other sales & purchases.

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ISSUES UNDER GVAT CA. Kishor R. Gheewala

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  1. ISSUES UNDERGVATCA. Kishor R. Gheewala

  2. 1.Whether the Registered Dealer is liable for Audit in following cases: a) The Dealer has its Factory under installation & has made local purchases of machineries worth Rs. 2 Crores. There are no other sales & purchases. b)The Dealer has tax free sales turnover of Rs. 2 Crores & turnover of tax free purchase of Rs. 1.70 Crores.

  3. c) The dealer is a manufacturer of art silk grey cloth having RD purchases of yarn (taxable) of Rs. 75 Lacs & cloth sales (tax free) of Rs. 1.40 Crores. d) The Dealer has local sales of Rs. 95 Lacs & purchases of Rs. 1.05 Crores including inter state purchase of Rs. 10 Lacs.

  4. e) The Dealer has Net Sales turnover of Rs. 98 Lacs excluding VAT collected of Rs. 6 Lacs. f) The works contractor has material purchase of Rs. 60 lacs, labour charges of Rs. 30 Lacs & the gross receipts of Rs. 1.10 Crores. g) The dealer, having opted for lump sum scheme, has turnover exceeding Rs.1,00,00,000/-.

  5. h) The dealer has turnover of sales of Rs. 90 Lacs & turnover of purchases of Rs. 1.04 Crores. i)An unregistered dealer has taxable turnover of Rs.2 Crores. 2. Whether the Input Tax Credit for goods held in stock on the last day of year will be admissible or will have to be carried forward?

  6. 3. A dealer in cloth (tax free) has purchases of packing materials(taxable) exceeding Rs. 20 lacs & has cloth (tax free) turnover exceeding Rs. 5 Crores. Whether he is liable for obtaining VAT registration & for VAT Audit ? 4. A hospital running medical store has medicines turnover of less than Rs. 1 Crore. However considering the purchases of capital goods like operation tables, beds, etc the turnover exceeds Rs. 1 Crore. Whether it is liable for VAT Audit?

  7. 5. What will be the admissible quantum of ITC where selling dealer has, a) Through oversight, applied higher rate of tax or charged more amount of tax than actually leviable due to arithmetical error? b) Alternatively, take the case, where the selling dealer has charged lower amount of tax than actually leviable? c) Also consider a case where dealer has sold goods at loss, say for example, an item purchased for Rs. 100000/- is sold by dealer for Rs. 80000/-.

  8. 6. Whether Annual Return can be Revised? 7. Whether a dealer, whose R.C. has been suspended, can claim ITC of his tax invoice purchases? 8. Whether ITC for Mixture Machine used by the contractor for construction of Building for the client is admissible? 9. Whether ITC for VAT paid on Machinery which is given on hire, can be claimed?

  9. 10. What about ITC in case of Purchase Return beyond 6 months and Adjustment in price after 1 year? 11. What about ITC of stock at the time of entering into Composition Scheme by a dealer? 12. What about ITC of stock at the time of dealer moving to VAT Chain from Composition Scheme?

  10. 13. What about ITC of stock on the date of getting voluntary/compulsory registration by a dealer? 14. Whether ITC is admissible of materials used for fabrication of Machinery to be used for manufacture of taxable goods? 15. In case of Branch Transfer of Goods out side the State for manufacturing there and receiving back in the State after manufacturing, whether ITC is to be reduced?

  11. 16. Whether the input tax credit would be admissible on the purchase of the consumable parts like Bearing, V-Belt, electrical goods, lubricants which are required to be replaced due to the routine wear and tear of the machine? 17. Whether ITC is admissible to the Retail Medical Store for purchase of Freez/ Air Conditioner? 18. Whether ITC is admissible for plates used in printing?

  12. 19. Whether the VAT auditor has to certify the correctness of P&L A/c and B/S of the dealer? 20. Whether the turnover of purchases & sales are to be shown inclusive of VAT or excluding VAT? 21. A sub contractor issues a running bill Dt. 20-05-2012 of Rs. 2 Crores to the contractor. The contractor has made the payment on Dt. 10-11-2012 to the sub-contractor & the VAT TDS is deposited on Dt. 10-12-2012. Whether there is any liability for interest?

  13. Thank You

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