Abstract

A business audit under Maharashtra Value Added Tax (MVAT), 2002 is a detailed process that incorporates assessment of the accounting principles used and Important estimates by management as well as assessing the financial position. These standards require that dealers plan and perform the audit to obtain reasonable assurance about whether the sales tax related records and financial statements are free from errors and misstatements. The audit comprises of scrutiny on a test basis, proofs supporting the sales and purchase figures and relevant disclosures in the financial statements. This paper throws light on the provisions of business audit under MVAT and its significance thereof.

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