Acquire Now

Get The Best Quote




Required documents

ABOUT VAT Audit Compliances Advisory

In Gujarat, every registered dealer whose total turnover in respect of any particular year exceeds such amount, not being less than rupees one crore within which taxable turnover exceeds rupees twenty lacs, is required to get his accounts verified and audited by specified authority. The due date of obtaining VAT Audit report is 9 months from the end of relevant financial year. VAT Audit Report is required to be submitted to the Commercial Tax Officer within 30 days from the date of obtaining such Audit Report.

FINMART assists you in finding out the applicability of VAT Audit for the state your business belongs to and legal compliances of the same.


Any individual or any sovereign entity carrying out inter-state and intra-state sales is eligible for the Audit Compliance Service.

Required Documents

The documents needed vary from case to case. Let FINMART understand your needs and assist you in documents requirement.



The Total Turnover constitutes the below mentioned

  1. Total Turnover includes Sales OR Purchase of Goods.
  2. Goods include Plant and Machinery and other movable items as well.
  3. Transfer in pursuance of a contract.
  4. Transfer of property in goods involved in execution of work contract.
  5. Delivery of goods of hire purchase, Right to use of any goods.
  6. Supply of goods to a member by unincorporated Association, Club, Association.
  7. Supply of goods as part of service.

The following items can be taken under Input Tax Credit:

  1. Purchased from Registered Dealer, on or after date of registration of dealer, having TIN No. on the invoice, bearing TAX INVOICE and VAT Amount to be charged separately.
  2. In case VAT % is charged higher than the applicable VAT rate by the seller of the goods. Buyer is eligible for Tax Credit only on the basis of applicable VAT rather than Total VAT Rs. Mentioned in Tax Invoice.
  3. Input Tax Credit in respect of Plant & Machinery available to the manufacturer only and not to the traders.
  4. Input Tax Credit is eligible for Only New Plant & Machinery which are put to use for taxable goods. ITC is not available in respect of other items like Building, Furniture etc.
  5. Vehicle Purchase, Spare Parts of vehicle, Tyre Tube etc are not eligible for Input Tax Credit.
  6. If Raw Material is used partly for Taxable and Tax-Free goods, proportionate Tax Credit to be reversed.
  7. No tax credit will be admissible if purchase good s are disposed other than: Sale – Resale – Inter-State Sales – Branch Transfer or Consignment –Export – Used in manufacturing of taxable goods – Sale to EOU/SEZ.
  8. Tax credit of the particular tax period will be adjusted firstly with VAT payable, thereafter if any refund shall be adjusted against CST payable for the same period and excess Credit can be carried forward to the next return period. In case of excess un-utilized tax credit at the year end, the same will be carried forward in the subsequent year
  9. 100% tax credit for Input Tax paid on transaction such as Local/Inter-state/Export or in the course of export Sales/Sales to EOU-SEZ.
  10. Transfer / Non permissible sales/ Fuel used in manufacturing.
  11. No input tax credit is allowable in respect of goods which is used for the production of electricity excludes fuel for purpose of generation electricity from definition of raw material.
Ask a Question