Odisha Government Clarifies the issue regarding requirement of audit of accounts furnishing statement of such accounts and filing of Annual Return under OVAT Act, 2004 for 2017-18

Jan 09, 2019 | by Avantis RegTech Legal Research Team


The State Government of Odisha on January 08, 2019 has clarified the issues regarding requirement of audit of accounts furnishing statement of such accounts and filing of Annual Return under Odisha Value Added Tax Act, 2004 for the year 2017-18.

Representations have been received from various quarters seeking clarification on the requirement to submit audited accounts statement for Q/E June-2017 as per the mandate in Section 65(1) of the OVAT Act, 2004. The issue has been clarified below:

Section 65 (1) of the OVAT Act has not been amended in the OVAT (Amendment) Act, 2017. As a result, the requirement to submit audited accounts statement by the dealers required to get their accounts audited remains. Therefore, the dealers whose gross turnover exceeded Rupees one crore during the year 2017-18 are required to get their accounts audited and furnish copy of the audit report as usual in the prescribed manner.

It is also clarified that the requirement to file the annual return also remains and accordingly all the dealers are required to file the annual return in the prescribed manner. The annual return for the year 2017-18 shall be on the purchase and sale, transaction effected during the quarter ending on June 30, 2017. However, in case of dealers dealing in liquor for human consumption and/or HSD, MS (commonly known, as Petrol, ATE Natural Gas and Crude Petroleum the annual return shall be on the  purchase and sale transactions effected during the whole year of 2017-18.

[Notification No. 428/CT]

URL: https://odishatax.gov.in/sites/default/files/odishavatnotification/AUDIT%20OF%20ACCOUNTS-428%20DT-08-01-19.pdf


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.