The Government of Goa vide its notification dated 15th February 2022 has extended the last date for filing audited statement of accounts in Form VAT-XV to 28th February, 2022 in cases of Dealers who are liable to get their accounts audited under sub-section (1) of Section 70 of the Goa Value Added Taxes Act, 2005 for the financial year ending 31st March, 2021.
Failure to furnish the audited statement of accounts in Form VAT-XV within the extended time shall attract penalties as provided in Section 70 of the said Act.
As per section 70 of Goa Value Added Taxes Act, 2005 Every dealer liable to pay tax shall, if his gross turnover of sales exceed rupees one crore in any year, or in any other case, if the amount of Input Tax Credit claimed by him in any year exceeds rupees 10 lakhs, get his accounts in respect of such year audited by an accountant within nine months from the end of that year and furnish within that period the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars and certificates as may be prescribed.
If any dealer liable to get his accounts audited, fails to furnish a copy of such report within the time as specified shall, after giving the dealer a reasonable opportunity of being heard, impose on him, in addition to any tax payable, penalty of rupees one thousand plus rupees hundred per day during the first thirty days of default and rupees two hundred fifty per day thereafter, subject to a maximum of rupees one lakh cumulatively.
