(1) Every registered dealer who is, not a company defined under the Companies Act, 1956 (Central Act 1 of 1956) or a company incorporated outside India and required to have his accounts audited under sub-section (4) of section 31 shall have his accounts audited by a Tax Practitioner enrolled under rule 168 for a period of not less than three years or under section 36 of the Karnataka Sales Tax Act, 1957 (Karnataka Act 25 of 1957) for a period of not less than three years on the date of such audit or by a Chartered Accountant or a Cost Accountant.
(2) Every other registered dealer who is required to have his accounts audited under sub-section (4) of section 31 shall have his accounts audited by a Chartered Accountant or a Cost Accountant.
(3) The audited statement of accounts shall be submitted in Form VAT 240 to the jurisdictional Local VAT officer or VAT sub-officer within nine months after the end of the relevant year.
Provided that the statement in Form VAT 240 for the year ending 31st March, 2007 shall be in the form as substituted in the Karnataka Value Added Tax (Amendment) Rules, 2007
Provided that the audited statement of account for the year ending 31st March, 2007 shall be submitted on or before 29th February, 2008.
Provided further that the audited statement of accounts for the period from 1st April, 2017 to 30th June, 2017 where total turnover during the said period exceeds twenty five lakh rupees but less than one hundred lakh rupees shall be submitted in FORM VAT 240 to the jurisdictional Local SGST officer or SGST sub-officer appointed under the provisions of the Karnataka Goods and Services Tax Act, 2017 (Karnataka Act 27 of 2017) on or before 31st March, 2019.
(4) A registered dealer required to furnish a statement under sub-section (5) of section 31 shall submit for every year commencing from the end of the year on 31st March, 2007, such statement in Form VAT 115 to the jurisdictional Local VAT office or VAT sub-office within sixty days after the end of the relevant year and if he discovers it to be incorrect, he shall submit a revised statement within nine months from the end of the relevant year.
(5) Any dealer who fails to furnish Form VAT 115 shall be liable to pay a penalty of fifty rupees for each day of default. (6) The clearance certificate specified in sub-section (12) of Section 42 shall be in Form VAT 146.