Where the accounts of a dealer are required to be audited under section 65, a certificate in the following form shall be furnished along with the audited accounts (Trading account, Profit and loss account and Balance sheet) for each year by the Accountant conducting such audit.
"FORM OF CERTIFICATE
[See (rule 73)]
Audit Report under section 65 of Orissa Value Added Tax Act, 2004 .. for the year _______________________
To
M/s.__________________________
1. I/We have verified correctness and completeness of the VAT returns, filed during the year from _____________ to ____________ with reference to the books of accounts audited by me/us, and subject to my/our observations and comments mentioned hereunder and in the statement of particulars; -state that,
(1) In my/our view the books of accounts and other value added tax related records and registers maintained by the dealer are sufficient for verification of correctness and completeness of the returns. The dealer has maintained and preserved the accounts and records as per the requirement of rule 67 & 69 of Orissa Value Added Tax Rules, 2004.
(2)The turnover of sales declared in the returns includes all the transactions of the sales during the period of review.
(3)The turnover of purchases declared in the returns includes all the transactions of purchases made during the period of review.
(4)The adjustment to turnover of sales and/or purchases is based on entries made in the books of accounts during the period of review.
(5)The deductions from the turnover of sales, including deductions on account of goods return, claimed in the returns are in conformity with the provisions of the relevant Act.
(6) Computation of tax payable as shown in the returns is correct.
(7) The method adopted by dealer to determine input tax credit is as per the provisions in the Orissa Value Added Tax Act and the rules framed there under. The extent to which goods are sold, used, consumed or supplied or intended to be sold, used, consumed or supplied has been correctly calculated. Computation of admissible input tax credit admissible in respect of purchases made during the year and adjustment to input tax credit claimed in the tax periods under review is correct.
(8) Computation of incentive benefits (if any) is in conformity of the provisions of the Act in this regard.
(9) Other information furnished in the periodical returns filed during the year is correct and complete.
2. For the purpose of verification of correctness and completeness of the VAT returns filed during the period, as well as for the preparation of statement of particulars, we have relied on
1. Books of Accounts for the year ended on 31stMarch............
2. Profit and loss Account and the Balance Sheet for the year ended on 31stMarch ..... (Previous year)
3. Records / Registers relating to sales, purchases, stock, branch transfers, deductions, concessions, (List the records / registers verified)
(i) ...........................................................................................................
(ii) ...........................................................................................................
..........................................................
3. The following are the major changes made during the period of review (specify if any of the below or others)
1. Changes in the business status.
2. Change in the method of valuation of stock.
3. Changes in the accounting system.
4.......................................................
4. Summary of the additional tax liability and/or additional refund due to the dealer, arising on verification of the value added tax annual return together with the books of accounts and other related accounts mentioned herein above, for the period under review is as follows.
(Rs.)
a) on input
b) on capital goods
c) on goods for sale by transfer of right to use
d) on opening stock on the date of registration
-Opening *
-Availed during the year:
-Adjusted during the year:
-Excess Carried forward to next period:
(ii) Refund claim under rule 66
(ii) Refund allowed under rule 66
* Opening balance has been taken form last year audit report/ Return in case not audited. .
5. The dealer has been advised to
(i) Pay differential tax liability of Rs.................... (Rupees.............................................)
(ii) Pay interest liability up to the time of payment.
Encl:
1) Statutory Audit Report with Profit and Loss Account and Balance Sheet.
2) Statement of other observations comments and notes thereon.
3) Statement of other particulars as decided by the Commissioner through public circular.
QUANTITATIVE DETAILS FOR MAJOR ITEMS OF STOCK IN TRADE/ RAW MATERIALS/FINISHED GOODS