FORM 217

(See sub-rule(1) of rule 44)

Audit Report under section 63 of Gujarat Value Added Tax Act, 2003.

To

M/s.__________________________

__________________________

1. I/We have verified correctness and completness of the annual returns 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 annual returns. The dealer has maintained and preserved the accounts and records as per the requirement of rule 45 of Gujarat Value Added Tax Rules, 2006.

(2) The gross turnover of sales declared in the annual return includes all the transactions of the sales during the period of review.

(3) The gross turnover of purchases declared in the annual return 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 gross 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 annual return is correct.

(7) Computation of input tax credit admissible in respect of purchases made during the period of review and adjustment to input tax credit claimed in the previous period is correct. The dealer has applied fair and reasonable method to determine input tax credit to the extent to which goods are sold, used, consumed or supplied or intended to be sold, used, consumed or supplied.

(8) Computation of incentive benefits (if any) is in confirmity of the provisions of the Act in this regard.

(9) Other information required to be furnished in the annual return is correct and complete.

2. For the purpose of verification of correctness and completeness of the annual return, as well as for the preparation of statement of particulars, we have relied on -

1. Books of Accounts for the year ended ..................................

2. Profit and loss Account and the Balance Sheet for the year ended .......................

3. Records / Registers relating to sales, purchases, stock, branch transfers, deductions, concessions, (List the records / registers verified)

4......................................................................................................................................... 5........................................................................................................................................

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.-

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.

(iii) Claim additional refund of Rs....................... (Rupees ..............................................)

(iv) Correct opening/closing balance of incentive benefits of Rs.........................

(Rupees.................................................)

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.