Dear all,
We are registered dealer in tamilnadu under TNVAT. we have completed CST assessment up to 2012-13 and VAT I assessment also up to 2011. We received demand notice now for Assessment year 2006-07. Assessement over and order received in 2011 itself. AG audit also over up to 2011. What is the time limit to reopen the assessment under TNVAT. up to how many years we need to keep record under sales tax and CST act?
Kindly share your views thanks in advance
Venkat
Dealer Receives Demand Notice for 2006-07; Section 27 of TNVAT Allows Revisions Within Six Years for Escaped Turnover A registered dealer in Tamil Nadu under TNVAT completed CST and VAT assessments up to 2012-13 and 2011, respectively, but received a demand notice for the 2006-07 assessment year. The responder explains that under Section 27 of TNVAT, assessments can be revised within six years if turnover has escaped assessment or was assessed at a lower rate. Additionally, input tax credit issues can prompt reassessment. The dealer must receive a notice before any revision. For 2006-07, Rule 87-A applies, requiring assessment based on returns filed within prescribed timelines. The dealer should review the notice in this context. (AI Summary)
TaxTMI 
TaxTMI 
