Form 16 under DVAT - how to calculate vat on closing stock, VAT + CST

[d.v. gupta]

Dear all, form 16 has been changed under dvat act. is it notified. we have to file the old or new form 16 for qtr ending 31-03-2010. how we have to caculate vat on closing stock as we are not maintaing stock register quantity wise.

Posts / Replies

[DEV KUMAR KOTHARI]

Partly replied: Stock register should be maintained to avoid complexities and to strengthen authencity of books of accounts, returns, final account etc. However, when it is not possible ( for all items including very petty and low value but numerous items) or when a dealer do not maintain stock register, at least he must have a physical count of stock for each item at year end so that inventory can be valued properly. Applying ABC method of control at least day to day stock register of A catagory items should be maintained for always beter control