BUDGET HIGHLIGHTS 19-20

BUDGET HIGHLIGHTS 19-20

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BUDGET: INDIAN BUDGET 2019-20

Speech of Nirmala Sitharaman Minister of Finance Read the rest of this entry »

West Bengal Budget 2019-20 (English)

THE FINANCE BILL, 2019

Interim Indian Union Budget 2019-20 (1) [English]

Speech of Piyush Goyal Minister of Finance February 1, 2019

Interim Budget 2019-2020

Happy New Year

Section 30E of West Bengal Value Added Tax Act, 2003, read with rule 44 of West Bengal Value Added Tax Rules, 2005, requires submission of statements, accounts, audit reports or declarations by registered dealers within the 31st December after the end of the year.

Audit Report in Form 88, as provided for under rule 44 of WBVAT Rules, was omitted with effect from 01.04.2017, and instead every registered dealer, who is mandated to get his accounts audited under the provision of the Income Tax Act, 1961 (43 of 1961) (IT), was required to submit a copy of the said IT audit report under section 30E of the WBVAT Act, together with a copy of the Profit and Loss Account and Balance Sheet for such year within the 31st day of December after the end of the year.

After the GST law being implemented with effect from the 1st day of July, 2017, there seems to be some confusion amongst some dealers regarding submission of statements, etc., under section 30E, for the quarter ended  30.06.2017. It is hereby clarified that since the provision of the Income Tax Act, 1961, does not require

audit for a single quarter hence submission of statements, accounts, audit reports for the quarter ended 30.06.2017 is not mandatory under section 30E of the West Bengal Value Added Tax Act, 2003.

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