Re: [aurangabad_ca] verification of vat return

Sunday, March 28, 2010 9:47 PM By Livemail

 

Hi ,
We had a similar experience with one of our client during Refund Audit. He had to pay the amount of input credit claimed in cash again. plus 25% penalty u/s 30(4) , while filing revised return.

The Department can do that , though you may insist that disallowance order be passed.

There is a clear provision in MVAT Act which says that - if VAT has not been paid to Government treasury by the selling dealer , Setoff / Refund of the same is not allowed to purchasing dealer.

Hence , Dept. can disallow the input credit.

The best solution , is to ask the selling dealer to provide a copy of MVAT return filed for the period , if the input credit is material / significant or if there are regular dealings between the parties. If the party does not provide copy of MVAT Return filed , hold back their payment.

This method may not apply every where , but where ever possible apply this method.

Atleast , we have asked our clients to follow this practice.

Thanks & Regards ,

 Prashant P. Agale

The greatest barrier to success is the fear of failure



--- On Sat, 27/3/10, sid patni <patnisidharth@gmail.com> wrote:

From: sid patni <patnisidharth@gmail.com>
Subject: Re: [aurangabad_ca] verification of vat return
To: aurangabad_ca@yahoogroups.com
Date: Saturday, 27 March, 2010, 10:30 PM

 

Hi atul
You have a proper invoice from the dealer and assumed u have paid him full amount.
 
Sales tax department can not recover the VAT amount from you, it is the responsibility of the selling dealer to deposit vat collected.
Secondly who this fact comes to notice to a vat auditor who is auditing books of accounts of purchasing dealer
 
CA SIDHARTH HIRALAL PATNI
AHMEDNAGAR

On Sat, Mar 27, 2010 at 12:29 PM, ATUL SHOLAPURE <atulsholapure@ yahoo.co. in> wrote:
 

dear colleauges please guide me in the following matter
 
as per vat law if the seller does not pay the VAT charged to purchaser
than the unpaid vat should be paid by the purchaser please clarify me as
how can we now weither the seller has paid the vat or not
 
For Eg.: a purchase in pune purchase some goods from mumbai the seller charges
him VAT @ 4% and gives him the proper Tax Invoice but during the vat audit if it is
seen that the mumbai seller has not deposited the tax collected from the purchaser
in this case can the sales tax department recovery the tax from the pune purchaser?
 
has the pune purchaser has taken the set off it will also we reversed
 
 
 
Please clarify
 
 
Regards
 
Atul
9890921672
 
 
 
 
 
 


atuls

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CA SIDHARTH HIRALAL PATNI
Chartered Accountant
Ahmednagar

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