Financial Daily from THE HINDU group of publications
Sunday, Apr 24, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 24, 2005 |
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Auditing Industry & Economy - Taxation ICAI plans to bring out model VAT audit report K.R. Srivats
New Delhi , April 22 THE Institute of Chartered Accountants of India (ICAI) plans to come out with a model value-added tax audit report for adoption by States that had implemented the tax from April 1. "We are finalising a draft of the model VAT audit report. This would be submitted to the Empowered Committee of State Finance Ministers on VAT for consideration and improvements," Mr Kamlesh Vikamsey, President of ICAI, told Business Line here. Mr Vikamsey said the entire effort is aimed at bringing about standardisation and uniformity to the VAT audit report across the country. "We will submit the audit report to the empowered committee in the next seven to 10 days. If the Empowered committee feels it appropriate, it can recommend the model report to the States after making the necessary changes," Mr Vikamsey said.
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