Tamil Nadu - Government proposes amendments in VAT
act
The government has proposed to make amendments to the
state's Value Added Tax Act, 2006 for auditing accounts
of a registered dealer with a total turnover of Rs.1
crore.
Currently, there is no provision in the Act for auditing
the accounts of a registered dealer by a chartered
accountant or a cost accountant, if the total turnover,
including zero sale and sale in the course of
inter-state trade or commerce exceeded Rs.1 crore a
year.
A bill for further amendments to the Act was moved by Commercial Taxes Minister
CV Shanmugam in the state Assembly.
"In order to ensure the correctness of the accounts of the registered dealers,
the government has decided to amend the Tamil Nadu Value Added Tax, 2006
suitably for the purpose in view," the bill said.
On the tax performance, Mr Shanmugam said that despite the general economic
slowdown, his department achieved a gross revenue collection of Rs. 39544.73
crore in 2011-12, showing an increase of 27.09 per cent over the previous year.
