by Audit Analyst | Jan 20, 2026 | Value Added Tax
Understanding Barter Transactions under VAT Law A barter transaction involves exchange of goods for goods, without the use of money Under VAT law, a sale includes any transfer of goods for consideration, and barter is treated as such The consideration in barter is the...
by Audit Analyst | Jan 19, 2026 | Value Added Tax
Meaning of Sale on Approval Basis A sale on approval basis refers to goods sent to a customer with the option to accept or return It is not considered a sale until the buyer approves the goods or a time limit expires This is common in industries like textiles,...
by Audit Analyst | Jan 19, 2026 | Value Added Tax
Basic Registration and Statutory Documents Copy of VAT registration certificate (TIN) issued by the state tax department PAN card of the business or proprietor/partners/directors Copies of VAT returns filed during the scrutiny period (monthly/quarterly/annual)...
by Audit Analyst | Jan 19, 2026 | Value Added Tax
Eligibility for VAT Refund by Exporters Exporters were eligible for VAT refunds because exports are zero-rated under VAT laws VAT was not levied on exports, but input VAT paid on purchases used in export was refundable Registered VAT dealers who made direct exports of...
by Audit Analyst | Jan 19, 2026 | Value Added Tax
VAT Liability of Co-operative Societies Co-operative societies engaged in the sale of goods were treated as dealers under state VAT laws If their turnover exceeded the threshold limit (typically ₹5–10 lakh), VAT registration was mandatory Societies dealing in...
