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Website General Circular No. VXJC - 002/KVAT/ 30-04-2017

Sub: Audit of accounts and certificate
Ref: Financial Year: 2016 – 17

Warm greetings from VXJC

The due date for submitting audited statement of accounts and certificate under KVAT Laws is nearing and the relevant provisions of the KVAT Laws are reproduced below for better understanding.

Audit of accounts and certification of returns
Sec. 42 (1) KVAT Act, 2003:- “Every dealer whose total turnover in a year exceeds rupees sixty lakhs shall get his accounts audited annually by a Chartered Accountant or Cost Accountant and shall submit copy of the audited statement of accounts and certificate, in the manner prescribed.”

Procedure for Audit of accounts and certification
Rule 60 of KVAT Rules, 2005:- "The certificate referred to in section 42 shall be in Form No. 13 and shall be furnished to the assessing authority, in the case of a company on or before the 31st day of December and in other cases on or before the 31st day of October of the year succeeding the year to which it relates. The certificate shall be accompanied by audited statement of accounts for the year and a statement in Form No.13A. Provided that a dealer registered under the Act having the head office situated outside the State shall file statement of accounts in respect of the activities in the State separately along with the consolidated Balance Sheet and Profit and Loss Account, if not drawn up separately in the Audit report. "

Please note that delay in submitting the same with respective authorities within the due date may attract penalty under the KVAT Act 2003.

For any clarification/information you may contact our office.

Important Note on Disclaimer
This circular is for the general information purpose only. VXJC is in no way responsible to those persons who act on the basis of contents of this circular. Hence it is advised to refer the relevant official website/original notifications or circulars/statutes/consult a professional before taking a decision. Errors and omissions are expected.