The TNVAT Department has issued a circular No 09_2012 dtd dtd 14.09.2012 regarding the applicability of the VAT Audit in respect of assessees having turnover exceeding Rs. 1 Crore.
As per the above circular, the VAT Audit will be applicable for the year 2011-12 and accordingly , VAT audit report has to be submitted by the dealers within 7 months from the end of the year in duplicate. For the year 2011-12, the TNVAT Audit report needs to be submitted on or before 31st October 2012.
The clarification circular and the VAT Audit Notification are reproduced below :-