TN VAT Audit for FY 2017-18- Monetary limit Fixed to 1 Crores.

As per the letter No, Drafting Cell-I/33452/2018 dated 23.10.2018 by additional chief secretary, Chennai to president- Hindustan chamber of commerce

Subject: Clarification for the monetary limit of Audit u/s 63-A of Tamil Nadu Value Added Tax Act 2006 read with Rule 16-A of the Tamil Nadu Value Added Tax Rules 2007-for filing or Form- WW for the year 2017- 18.


With reference to the representation made by Tvl. Hidustan chamber of commerce in the reference cited, regarding clarification of for monetary limit of turnover for filing of form-WW for the year 2017-18, it is clarified that the turnover limit One Crore shall continue to exist for the year 2017-18 for all the transactions carried out under Tamil Nadu value added tax 2006 and the proportionate reduction of turnover limit based on months for those whose turnover under the Tamil Nadu Value Added Tax Act 2006 and Central Sales Tax Act 1956 existed in a year is not mandatory as per the provisions of the Act.


Therefore, the monetary limit of turnover beyond which audit under Section 63-A of the Tamil Nadu Value Added Tax Act 2006 is mandatory for three months period ended June 2017 is Rupees One Crore only . It is also clarified that If the turnover under Tamil Nadu Value Added Tax Act 2006 and Central Sales Tax Act 1956 continued to exist even after 01.07.2017, such turnover shall also be Included for the purpose of fixing monetary limit of turnover for the year 2017- 18 as defined under Section 63-A of Tamil Nadu Value Added Tax Act, 2006.


In fine, if the turnover for a dealer under Tamil Nadu Value Added Tax Act, 2006 and Central Sales Tax Act 1956 exist only for the period from 1st April 2017 to 30th June 2017, for the financial year 2017- 18 and if it does not exceed Rupees One Crore then his accounts need not be audited by the Accountant specified in the Explanation to Section 63-A of Tamil Nadu Value Added Tax Act, 2006.


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