period limit for damand notice from sales tax TNVAT

[venkat eswaran]

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

AI Summary

Reassessment limitation: tax authority may reopen assessments within statutory period for escaped turnover, with pre-notice and hearing.
An assessing authority may reopen a TNVAT assessment within six years from the date of assessment for escaped turnover, lower assessed rates, or wrongly availed input tax credit supported by false documents, but must conduct enquiries and give the dealer a reasonable opportunity to show cause; assessments for the April-December 2006 period are governed by Rule 87-A and must be based on the dealer's prescribed return.