SELF ASSESSMENT UNDER VAT

[VENKATANARAYANAN SRINIVASAN]

WHETHER ALL THE  DEALERS REGISTERED UNDER VAT ACT ARE TO GET THEIR ACCOUNTS VERIFIED BY THE COMMERCIAL TAX OFFICER, EVEN THOUGH ACT DOES NOT STIPULATES?

[Rama Krishana]

There are two concepts one is audit and second is scrutiny of records. I think, VATO is empowered to verify the records and accounts for making assessment where the assessment is based on records.

AI Summary

Verification of accounts by tax officer can be undertaken as scrutiny for assessments based on records.
Verification by the VAT officer is a form of scrutiny and the officer is empowered to examine records and accounts when an assessment is to be made on the basis of those records; this scrutiny differs from a formal statutory audit and does not convert into an audit absent a statutory mandate.