Cost Accountants Eligible for VAT Audit in Tamil Nadu
PrintListen to this Article
Tamil Nadu VAT (Third Amendment) Act, 2012, which received the assent of the Governor on 31st May, 2012 recognizes Cost Accountants for VAT Audit under the Act
TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY
The following Act of the Tamil Nadu Legislative Assembly received the assent of the Governor on the 31st May 2012 and is hereby published for general information:—
ACT No. 18 OF 2012.
An Act further to amend the Tamil Nadu Value Added TaxAct, 2006.
BE it enacted by the Legislative Assembly of the State of Tamil Nadu in the Sixty-third Year of the Republic ofIndia as follows:—
Short title and commencement.
1. (1) This Act may be called the Tamil Nadu Value Added Tax (Third Amendment) Act, 2012.
(2) It shall come into force on such date as the State Government may, by notification, appoint.
Insertion of new section 63-A.
2. In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—
63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant and submit a report of such audit in the prescribed Form, duly signed and verified by the Accountant, to the Assessing authority, within such period as may be prescribed.
Explanation.—For the purpose of this section “Accountant” means, a Chartered Accountant as defined in the Chartered Accountants Act, 1949 (Central Act 38 of 1949) or a Cost Accountant as defined in the Cost and Works Accountants Act, 1959 (Central Act 23 of 1959).
(2) If such registered dealer fails to get his accounts audited and submit a report of such audit within the prescribed period, as required in sub-section (1), the Assessing authority may, after giving a reasonable opportunity of being heard, direct such registered dealer to pay by way of penalty of sum of rupees ten thousand, in addition to any tax payable, in respect of the said period:
Provided that, this section shall not apply to the departments of Central and State Governments, local authorities, the railway administration as defined under the Railways Act, 1989 (Central Act 24 of 1989), the Tamil Nadu StateRoad Transport Corporations and similar such registered dealers, as may be notified by the Government.
(By order of the Governor)
G. JAYACHANDRAN,
Secretary to Government,
Law Department.
Category : VAT | Comments : 0 | Hits : 1051
A division bench of Justices AS Dave and Biren Vaishnav of Gujarat High Court has ruled that misconduct proceedings cannot be initiated against advocates, chartered accountants, and cost accountants under the Gujarat VAT Act. The bench also ruled that the respective professional bodies — Bar Council, ICAI, and ICWAI— are the authorities empowered to prosecute these professionals for any misconduct. The decision came in response to a petition filed by Pravin Modh against the miscon...
As a measure to tackle the increasing rate of obesity, Kerala is all set to introduce the first ever 'fat tax' to be levied on junk and fast food items. In his budget speech, Kerala's Minister of Finance proposed a tax of 14.5% to be levied on junk food including items like burgers, pizzas, sandwiches, doughnuts, tacos, etcetera. While eating out at fast food restaurants like McDonald's, Pizza Hut, Domino's and others will become more expensive in Kerala, the recently elected...
Delhi government today said VAT collection in the ongoing financial year has crossed Rs 20,000 crore, close to its revised target of Rs 21,000 crore. The government in its first Budget had set Rs 24,000 crore as the target but later, on the grounds of unsteady collection, it was toned down to Rs 21,000 crore. VAT Commissioner SS Yadav said total tax collection in the current financial year crossed Rs 20,000 crore mark on March 25 and that the amount was Rs 2,000 crore higher than last fina...
In a first for the city, Delhi government's Value Added Tax department has decided to bring all big and small players on e-commerce platforms under the scanner to check evasion of tax. A notification is under way to make it mandatory for all online portals like Flipkart and Snapdeal to file tax returns quarterly. All dealers operating through these platforms will also be expected to file their returns. Failure to do so will evoke action. The department has prepared a detailed set of gu...
The Delhi government provided a big relief to the city traders by allowing them to carry forward input tax credit to next financial year and extending the last date of submission of R-9 forms for last three years, up to June 30. The government's move comes with an aim to simplify business for the traders in the national capital, an official release said . As per the existing provisions, a trader can carry forward the excess tax credit during the same year only. The traders perceiv...
Comments