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?

AI Summary

Clarification on VAT Act: Dealers' accounts can be verified by VATO during assessments based on records. A query was raised regarding whether all dealers registered under the VAT Act are required to have their accounts verified by a Commercial Tax Officer, despite the Act not explicitly mandating it. The response clarified that there are two concepts involved: audit and scrutiny of records. It was noted that the VAT Officer (VATO) has the authority to verify records and accounts when the assessment is based on those records.