TN VAT Records to kept how long

[venkat eswaran]

Dear all,

Under TNVAT act it is how many years our documents to be kept. In Tamil Nadu VAT implemented from 1.1.2007

Now they sent a VAT audit intimation to us and asked to records from 2007.

How many years it is compulsory to keep records for VAT?

Expecting your valuable replies

Thanks in advance

Venkat

[Ganeshan Kalyani]

Sir, till the assessment is completed. Thanks.

[Ganeshan Kalyani]

Sir, in addition to my earlier reply, the department may take up the case for assessment in case if they are of the view that tax is under-assessed or the value of the sale is less the market value of like goods etc., within six years from the end of financial year. Hence the records are required to be maintained up to six years. This is my view. Thanks.

AI Summary

VAT record retention: keep books until assessment; retain documents for potential six year review for under assessment or undervaluation. Records under Tamil Nadu VAT must be retained until the assessment is completed; where the department suspects under-assessment or undervaluation of sale value, assessment may be opened within six years from the end of the relevant financial year, and records should be kept accordingly.