ABHISHEK BA (ACA, LLB) (74 Points)
02 June 2008HI MEMBERS .
I WANT TO ASKE YOU THAT IS CA IS THE ONLY PERSON WHO SIGN ON THE VAT AUDIT REPORT?
PLZ GIVE ME ANSWER EARLY.
Ashish Kedia
(CA)
(737 Points)
Replied 02 June 2008
Yes as per recent ruling, only CAs are entitled to carry out VAT Audits.
Ashish Kedia
(CA)
(737 Points)
Replied 02 June 2008
DEEPAK KUMAR TIBREWALA
(profession)
(101 Points)
Replied 02 June 2008
Yes as per recent ruling, only CAs are entitled to carry out VAT Audits.
riken
(ca)
(371 Points)
Replied 03 June 2008
no as per the recent rulling tax practitioner also can sigh n audit as per gvat
In all state only CA and Cost Accountant are eligible to carry VAT Audit report. 2 or 3 state also permit sales tax practioners.
Chexk recent judgement of Supreme court and Bombay High Court. for your reference judgement point reproduced below:
get his accounts in respect of such year
audited by an accountant within the prescribed
period from the end of that year and furnish
within that period the report of such audit in
the prescribed form duly signed and verified by
such accountant and setting forth such
particulars and certificates as may be
prescribed.
Explanation : For the purposes of this section
"Accountant" means a Chartered Accountant
within the meaning of the Chartered Accountants
Act, 1949 or a Cost Accountant within the
meaning of the Cost and Works Accountants Act,
1959.
21. The Maharashtra Value Added Tax was enacted pursuant to a decision to introduce VAT system in the country. An empowered committee of Finance Ministers was appointed. As noted by the Supreme Court there can be no denial of the fact that Chartered Accountants have the expertise in the matter of accounts. What Section 61 requires is that the dealer must get the accounts audited and produce the report of such audit alongwith the certifications that may be prescribed. This certificate has nothing to do with the provisions of Section 22 of the Act. Section 22 is a special power conferred on the Commissioner for selection of 52 dealers for audit. The entire object of the Act is maintenance of proper accounts by the dealers and certification of the accounts so that the books are in order and there is no fraud considering what is required by form 704. Inspite of certificate issued by the Accountant, Section 22 empowers the Commissioner to carry out special audit. It is not that on obtaining certificate under Section 61 the authorities are precluded from going through the Accounts. Under section 22, it can still order an audit and arrive at the conclusion that the accounts have not been properly maintained. The scheme of the Act requires the dealer to maintain accounts under Section 63. These accounts have to be kept by every dealer liable to pay tax under this Act. There is no restriction as to who can write these accounts. Next is Section 61 as now amended and the explanation. This requires audit to be done and the certificate to be issued only by a Chartered Accountant and or Cost Accountant. Section 22 is a special power in the Commissioner to direct an audit even if an audit was earlier done and certified by a Chartered Accountant or a Cost Accountant.
Gurmukh Singh
(Student)
(23 Points)
Replied 03 June 2008
yes my dear Only CA has the power to sign on the auditors report
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