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

Keep VAT Records for Up to 6 Years Post Financial Year End Under Tamil Nadu VAT Act A participant inquired about the duration for which records must be kept under the Tamil Nadu VAT Act, noting that VAT was implemented from January 1, 2007. They mentioned receiving a VAT audit notice requesting records from 2007. A respondent advised that records should be maintained until the assessment is completed and further clarified that the department might reassess if they suspect under-assessment or undervaluation within six years from the end of the financial year, suggesting records be kept for up to six years.