Services We Offer
VAT Assessment Consultants in Kottayam
MS Legal Associates:We are VAT Assessment Consultants in Kottayam.
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of general consumption tax that is collected incrementally, based on the surplus value, added to the price on the work at each stage of production, which is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. VATs raise about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co-operation and Development.
(1) Every dealer shall be deemed to have been assessed to tax based on the return filed by him under section 35, except in cases where the Commissioner may notify the dealer of any requirement of production of accounts before the prescribed authority in support of a return filed for any period and such authority shall proceed to assess such dealer,- (a) on the basis of the return filed where he is satisfied that the return filed is correct and complete, or (b) to the best of its judgment, where the return filed appears to be incorrect or incomplete, after giving the dealer an opportunity of showing cause against such assessment in writing and any additional tax assessed shall be paid within 1 [thirty days] 1 from the date of service of such assessment on the dealer
(2) Where a registered dealer fails to furnish his monthly or final return on or before the date provided in this Act or the rules made there under, the prescribed authority shall issue an assessment to the registered dealer to the best of its judgment and the tax assessed shall be paid within ten days from the date of 1 [service of such assessment on the dealer.]
(3) Where an assessment has been made under sub-section (2) and the dealer subsequently furnishes a return for the period to which the assessment relates, the prescribed authority may withdraw the assessment but the dealer shall be liable to penalties and interest as applicable.
(4) Where the dealer furnishes a return under sub-section (3), such return shall be furnished within one month of 1 service of such assessment on the dealer.
You need to submit the following details for Sales Tax Assessments.
1) Trading & Profit / Loss A/c
2) Balance Sheet
3) Income Tax copy
4) Sales Bills & Purchase bills
5) Monthly VAT Return
6) Way bills (if any cst purchase or sales)
7) VAT payment details
8) Issued of Form "C/H/F"
9) Total Sales details, as like Taxable, Exempt Taxable, Export,Branch Transfer, etc., with related output tax % in excel format
12)Total Purchase details, as like Taxable, Exempt Taxable, Import,Branch Transfer, etc., with related input tax credit % in excel format
13) Finally, to be arrive zero balance difference between you and sales tax. If refundable or payable, you need prepare revise return for whole year.
from the above said details and along with letter copy for assessment completed to be submit by the time of sales tax assessment.