Download Tamil Nadu Vat Form N

Download Tamil Nadu Vat FORM N: Return showing the details of the amount received or return due to price variation under Tamil Nadu Value Added Tax 2007

As per Tamil Nadu Vat Rule 7(6), 8(4) of Tamil Nadu Value Added Tax 2007

If a dealer receives or returns in any year any amount due to price variation, he shall within thirty days from the end of the year submit a return in Form N to the assessing authority.

On receipt of the return in Form N, the assessing authority shall pass orders –

(a) demanding the tax payable on the amount received due to price variation and shall serve upon the dealer a notice in Form O; or

(b) Refunding the tax due on the amount returned and shall serve upon the dealer a notice in Form.

In making an assessment under section 24, the assessing authority shall take into account such of the following factors as may be relevant to the determination of the prevailing market price of the goods, namely:–

(a) The price charged by other dealers at the relevant stage of sale of similar goods during the relevant period;

(b) The difference between the price charged by a dealer towards the purchase of the goods from the earlier seller and the price charged on the resale of the same goods;

(c) The difference between the price paid by the dealer towards the purchase of the goods from the earlier seller and price charged for the resale of the same goods; and

(d) The differential price charged on sales against bulk orders and small orders in respect of the same goods. If the difference in prices, exclusive of the tax element, is more than fifteen per cent (15%), the assessing authority shall examine the reasons for the variation, taking into account the relationship between the parties to the transactions, the charges for after sales services, packaging, transport and other expenses incurred by subsequent sellers which add to the cost of the goods at each stage of sale by successive dealers. The assessing authority shall also examine whether there is such difference in the price charged on the sales of the same goods to different customers and whether the goods are made available to all distributors or other customers in unlimited quantities and at the same prices. After making due allowance towards the variation in prices and normal profit margin, the assessing authority shall arrive at the market price that should have been charged by the dealer and levy tax on the taxable turnover so arrived at.

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