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61.Accounts to be audited in certain cases M. VAT ACT

61.Accounts to be audited in certain cases

(1) Every dealer liable to pay tax shall,—

(a) if his turnover of sales or, as the case may be, of purchases cases, exceed or exceeds rupees forty lakh in any year, or

(b) a dealer or person who holds license in

(i) Form P.L.L under the Maharashtra Distillation of Spirit and Manufacture of Potable Liquor Rules , 1966.

(ii) Form B-RL under the Maharashtra Manufacture of Beer and Wine Rules, 1966 or,

(iii) Form E under the Special Permits and Licence Rules,1952.

(iv) Forms FL-I, FL-II, FL-III, FL-IV under the Bombay Foreign Liquor Rules, 1953

(v) Forms Cl-I, CL-II, CL-III, CL/FL/TOD III under the Maharashtra Country Liquor Rules, 1973.

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.

(In the above explanation in sub-section (1), for the words and figures “Accountants Act, 1949” the words and figures “Accountants Act, 1949 or a Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959” are substituted by the MaharashtraAct No. XXV of 2007 Dt. 06.08.2007)

(2) If any dealer liable to get his accounts audited under sub-section (1) fails to furnish a copy of such report within the time as aforesaid, the Commissioner may, after giving the dealer a reasonable Opportunity of being heard, impose on him, in addition to any tax payable, a sum by way of penalty equal to one tenth per cent of the total sales.

(From the above sub-section (2), the words “or as the case may be, purchases or a sum of one lakh rupees, whichever is less” are deleted by the MaharashtraAct No. XXV of 2007 Dt. 06.08.2007)

Provided that the dealer fails to furnish a copy of such report within the period prescribed under sub-section (1) but files it within one month of the end of the said period and the dealer proves to the satisfaction of the Commissioner that the delay was on account of factors beyond his control, then no penalty under this sub-section shall be imposed on him.

(3) Nothing in sub-sections (1) and (2) shall apply to Departments of the Union Government, any Department of any State Government, local authorities, the Railway Administration as defined under the Indian Railways Act, 1989, the Konkan Railway Corporation Limited and the Maharashtra State Road Transport Corporation constituted under the Road Transport Corporation Act, 1950.

(After sub-section (2) the above sub-section (3) is added by the MaharashtraAct No. XXV of 2007 Dt. 06.08.2007)

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

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