Public Notice by Excise & Taxation Deptt worries FOPSIA

Author(s): 

Ludhiana, September 17, 2012: Federation of Punjab Small Industries Association (FOPSIA) president Badish K. Jindal has said the Department of Excise and Taxation, Punjab has issued a public notice (see a photocopy published with this copy) that states that they are appointing auditors for auditing more than 50% of the returns every year.

As such, more than 1,12,500 assesses will have to get their audit done by the department, Jinsald revealed.  

“This is going to be a major harassment for the traders and industrialists, already its mandatory for the assesses having sale of more than Rs. 50 lakh to get their accounts audited from the private auditor”, he pointed out.  

He asserted that the online VAT returns should be verified just online and there should be no manual audit even for the mismatches. 

He requested the government to refrain from any such decision that was going to harras such a huge number of assesses in Punjab.

Date: 
Monday, September 17, 2012