FORM VAT - 22
[See rule 41]
VAT AUDIT REPORT
(In a case where the accounts of the business have not been audited under any other law)
1. We have audited the trading account, profit and loss account and balance sheet as at 31st March, ___________ and the profit and loss account for the year/period ended on the date, attached herewith, of M/s _______________________ (mention name and address of the person) holding TIN _____________________ under the Punjab Value Added Tax Act, 2005.
2. We conducted our audit in accordance with the auditing standards generally accepted in
India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. Subject to limitations of the audit indicated in para 2 above, we certify that the above referred balance sheet, profit and loss account and trading account or manufacturing account are in agreement with the books of account maintained at the principal place of business at the above address and branches situated in the State of Punjab at the following places : ___________
4. I/We further certify that :
(a) returns field by the person reflect true position of sales and purchases;
(b) the person has paid tax in accordance with the account books;
(c) input tax credit claimed in returns is as per provisions of the Punjab Value Added Tax Act, 2005 and rules framed thereunder;
(d) input tax credit has been claimed against valid original invoices.
5. The Balance sheet and the profit and loss account have been drawn up in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.
6. (a) We report our observations/comments/discrepancies/inconsistencies, if any, as under:
(b) Subject to above :
(A) I/We have obtained all the information and explanations which, to the best of my/our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.
(B) In my/our opinion, proper books of account as required by law have been kept at the above principal place of business and the branches of the person so far as appears from our examination of the books.
(C) In my/our opinion and to the best of my/our information and according to the explanations given to me/us, the said accounts, read with notes thereon, if any, give a true and fair view :-
(i) In case of the balance sheet, of the state of the affairs of the person as at 31st March _______; and
(ii) in the case of the Profit and Loss Account/Income and Expenditure Account, of the profit/loss or surplus/deficit of the person for the year period ended on that date.
7. The statement of the particulars as required to be furnished under Punjab Value Added Tax Act, 2005 and Punjab Value Added Tax Rules, 2005, is annexed herewith. In our opinion and to the best of our information and according to the explanations given to us, the particulars given in the said annexure are true and correct.
(Encl. Annexure - A)
Statement of Particulars
GENERAL INFORMATION
(The brief particulars of such change)
PART A
GROSS TURNOVER OF SALES AND PURCHASES
Rs.
Hire charges received/paid included above
Turnover of exempted goods within State
No credit since sales are exempted
OTHER INFORMATION/DISCREPANCIES
TURNOVER DISCLOSED IN RETURNS
(1) Whether there is delay in payment of tax. If so, please give particulars:
(2) Whether there is delay in filling of returns:
3. Whether the person has deducted tax at source and paid the same to the credit of State Government in accordance with the provisions of Act and Rules. If there is delay in deposit of tax so deducted, please give details:
4. Whether all declarations for all sales claimed at concessional rate or value of purchases from the exempted units as required under Act and Rules are received. If not, given details :
(5) Give details of sales effected as commission agent :
PART B
A. SALES IN THE COURSE OF EXPORT OUTSIDE THE TERRITORY OF INDIA
Whether all declarations and documents as required under the Punjab Value Added Tax Act, 2005 and Punjab Value Added Tax Rules, 2005 are available on record. If not, give details :
(Rs.)
B. INTER-STATE SALES:
1) Whether Inter-state sales claimed as liable to tax as per Section 8 (1) of CST Act are supported with declarations in Form 'C'. If not, give details:
2) Whether all Inter-state Branch transfers/consignment sales are supported with Declaration in Form 'F'. If not, give details:
3) Total taxable inter-state sales, as per books of account:
4) Cental Sales Tax payable:
5) Total taxable inter-state sales as per returns
Give reconciliation of difference in taxable sales as per books and as per return.
6) Whether there is delay in filing of returns. If so, give details:
7) Whether there is delay in payment of tax. If so, give details:
8) INPUT TAX ADJUSTMENTS INFORMATION
(In case Input Tax Credit is more than Output Tax)
Balance of Credit as per (8) above
1) Period __________ to _________ Order Ref. ________
.
____________ to __________ order ref. _______
Date of Application ____________________________
Date Application ______________________________
I declare that the particulars above are true and correct we have verified the above particulars from books of accounts and other relevant records and certify the same as true and correct