Section 63 in The Gujarat Value Added Tax Act, 2003
63. Accounts to be audited in certain cases.
(1)If in respect of any particular year, total turnover of a [dealer exceeds such amount, not being less than [one crore] [These words were substituted for the words 'dealer exceeds rupees one crore' by Gujarat Act No.6 of 2006, Section 27(1)], as may be prescribed], than such dealer shall get his accounts verified and audited by a specified authority [within six months] [These words were substituted for the words 'within one year' by Gujarat Act No.6 of 2006, Section 27(2)] from the end of that year and obtain within that period a report of such audit in the prescribed form duly signed and verified by such specified authority alongwith such particulars as may be prescribed. A true copy of such report shall be furnished by such dealer to the Commissioner within such period as may be prescribed.Explanation. - For the purposes of this section, "specified authority"; means,-(i)a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) and includes persons who by virtue of the provisions of sub-section (2) of section 226 of the Companies Act, 1956(1 of 1956) is entitled to be appointed to act as an auditor of companies;(ii)a Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959 (23 of 1959)(iii)a legal practitioner or a Sales Tax Practitioner whose name is entered in the list maintained by the Commissioner in accordance with the provisions of section 81.(2)If any dealer liable to get his accounts audited under sub-section (1) fails to furnish a true copy of such report within the prescribed time, the Commissioner shall, 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 not exceeding rupees ten thousand, as he may determine.
