Today we will discuss on the business audit in mvat, what are the documents to submitted for the business audit in mvat.
Meaning of Business Audit?
Business audit is conducted by the goverment officer of the selected dealer on the basis of certain criteria.
Documents required for Business Audit
We have bifurcated the list of documents required in four category Vat Audit documents, Purchase documents , sales documents and other.
VAT Audit Details –
Complete Print out of 704
Vat Audit report, Part-I, Acknowledgment, J1 and J2
Tax Audit Report with financial (Profit and loss and balance sheet)
Outstanding Debtors and creditors ledger
Letter of Authority (Form 708 and 709)
Copy of the notice
Copy of Return Acknowledgment filed for the business audit period
Summery required for Purchase
Summary of C form given to departments with original C form Copy – Note all the C-form should be self attested by the party issuing the certificate with the proper verification of DSC signature.
Goods returned summery (Date of sale, date of goods return,amount, party name) with debit note
Import purchase details with supporting invoice, bill of lading,delivery challan.
Month wise Sales and Purchase register for the period 2012-13
Summery of C-Form not available at the time of business audit
Sample Purchase invoice
Mismatch in J1 – If there is any mismatch in J1 take the confirmation ledger from the above party with reason for the mismatch.
Summery required for Sale
Job Work / Installation Income details ledger with sample invoice
High Sea sales details with supporting agreement
Export details with supporting invoice.
Credit note sample invoice
Sales sample invoice
Other details
(1) Fixed assets Summary and addition details. In summery mention the reduction claim in fixed assets.
(2 ) Need following reconciliation for C-form pending at the time of Business Audit
| A | Gross turnover |
| (a) | Sales with in Maharashtra |
| (b) | Sales return with in Maharashtra |
| (c ) | Installation Charges |
| (d) | Sales Return – CST |
| (e) | High Seas sales |
| (f) | Export Sales |
| (g) | CST 12.5 % |
| (h) | CST 5 % |
| (i) | CST 2 % |
| (j) | C- Form received |
| B | Total of (a to J) |
| C | Balance C-form pending (B-A) |
Note – Please prepare the additional documents further as given by the department notice or asked by the officer.
Internal circular on MVAT business audit by VAT departments –
Click on following internal trade circular to know more on business audit.
