Jammu & Kashmir GST Act 2005

Jammu & Kashmir GST Act 2005

Turnover

“Turnover” means the aggregate amount for which the goods are either bought or sold, supplied or distributed by a dealer, either directly or through another, on his own account or on account of others, whether for cash or for deferred payment or for any other valuable consideration;

Explanation (I): – The turnover in respect of delivery of goods on hire purchase or on any system of payment by installments shall be the market price of the goods so delivered.

Explanation (II): – The turnover in respect of the transfer of the right to use any goods shall be the aggregate amount received or receivable by the dealer as consideration for such transfer.

Explanation (III): – Subject to such conditions and restrictions, if any, as may be prescribed in this behalf,-

(a) The amount for which the goods are sold shall include any sums charged for anything done by the dealer in respect of the goods sold at the time of, or before, the delivery thereof;

(b) any cash discount on the price allowed in respect of any sale or any amount refunded in respect of articles returned by customers shall not be included in the turnover; and

(c) Where for accommodating a particular customer, a dealer obtains goods from another dealer and immediately disposes of the same to the said customer, the sale in respect of such goods shall be included in the turnover of the latter dealer but not in that of the former.

Audit of Accounts

• Any dealer whose gross turnover in a year exceeds rupees 40 lacs or such other amount as the Commissioner may, by a notification in the Government Gazette specify, shall get his accounts in respect of that year audited by a Chartered Accountant or Cost and Works Accountant within six months from the end of that year and obtain a report of such audit in the prescribed form duly signed and verified by such Chartered Accountant or Cost and Works Accountant and setting forth such particulars as may be prescribed.

• A true copy of such report shall be furnished by such dealer to the Commissioner by the end of the month after expiry of the period of six months during which the audit would have been completed.

(3)  If any dealer liable to get his accounts audited under sub-section (1) fails to get his accounts audited or fails to furnish a true copy of the audit report within the time specified in sub-section (2), the Commissioner shall after giving such dealer an opportunity of being heard impose on him, in addition to any tax payable, a sum by way of penalty equal to 0.25% of the turnover as he may determine to the best of his judgment, in his case, in respect of the said period.

Manner in which audit of accounts referred to Section 60 shall be conducted

• A dealer whose gross turnover in a year exceeds the limit specified in Section 60, shall get the accounts maintained by him for that year audited by a Chartered Accountant/ Cost and Works Accountant and shall furnish to the Assessing Authority a certificate of such audit in Form GST-52 and a statement of accounts in Form GST-53 thereto duly signed by such Chartered Accountant/Cost and Works Accountant.

• The Chartered Accountant/ Cost and Works Accountant auditing the accounts shall express his opinion in explanatory note to be annexed to the statement, on points to which he does not agree. In respect of others, he should certify that as per his opinion and according to information given to him by the dealer, the particulars contained in Trading/Manufacturing and profit and loss account and Balance Sheet are true and correct.

(3) Notice under sub-section (3) of Section 60 shall be in Form GST – 54.

Follow Us on