Studyhatch Forum -VAT & CST

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How turnover is calculated to ascertain the applicability of Tamil Nadu VAT Audit?
Solution

i) Turnover for VAT audit includes zero rated sales and interstate sales as per Section 3 of the CST Act, 1956. The term ?turnover? is aggregate of sales turnover plus purchases turnover assessable to tax under Section 12 of Tamil Nadu VAT Act, 2006. ii) Section 12 mentions the circumstances where tax is leviable on purchase turnover. In such cases, purchase turnover is included as turnover. iii) Stock Transfer is to be included in turnover when the goods move from Tamil Nadu to places situated outside the State of Tamil Nadu. iv) Total Turnover = taxable turnover + sales of exempt goods + value of stock transfer + purchases assessable to tax u/s 12 + zero rated sales.

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