23 August 2010
14.1 Under Gujarat VAT, every dealer, registered or unregistered, liable to pay tax and if his turnover of Sales or Purchases exceeds of rupees 1 Crore in any year, than his accounts in respect of such year audited by an accountant (i.e. Practising Chartered Accountants or Cost Accountants or Legal Practitioner or Sales Tax Practitioner) within SIX MONTHS from the end of that year. 14.2 A copy of such audit report will required to be furnished by such dealer to the Commissioner within 30 days from the date of obtaining audit report. 14.3 In case of any failure to furnish the copy of the report within the time prescribed, the Commissioner may, after giving a reasonable opportunity, impose in addition to the tax payable, sum by way of penalty maximum of Rs. 10,000/-.
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