Facility for uploading Maharashtra VAT Audit Report in Form 704 For FY 20171-18 has been made on www.mahagst.gov.in. Dealers who are required to file MVAT Audit report FY 2017-18 as per Section 61 of MVAT Act 2002 read with Rule 66 of MVAT Rules 2005. Department had given user manual for how to file VAT Audit report. The dealer need to first download Form 704 from the download section. Dealer need to fill information and validate it to generate it in .txt file.
VAT Audit Report 704 need to filed online on the website with the user id and password. Once report is filed dealer will get email confirmation for acknowledgement for VAT Audit report. Dealer has to take sign and stamp on Chartered Accountant on report and submit it to department. MVAT Audit for First three months of FY 2017-18 has to be filed.
MVAT Audit report contain various schedules as per the nature of business of dealer. Such schdules need to be used by Traders , Dealers , work contact etc. Following are schedules.
|S.No.||Type of Return||Relevent Schedule|
|1||Form 231||Schedule I|
|2||Form 232||Schedule II|
|3||Form 233||Scheule III|
|4||Form 234||Scheule IV|
|5||Form 235||Scheule V|
|6||Form III E||Scheule VI|
As per Trade Circular No. 25 T dated 24-9-2018 due date for MVAT Audit FY 2017-18 is 15 January 2019. Last date of submission of VAT audit report shall be 15 January 2019.
Penalty One tenth percentage of sales. If any dealer liable to get his accounts audited under section 61(1) of MVAT Act fails to furnish a copy of such report within the time as aforesaid, the Commissioner may, after giving the dealer a reasonable opportunity of’ being heard, impose on him, in addition to any tax payable, a sum by way of penalty equal to one tenth per cent. of the total sales
Earlier the Limit for VAT Audit was 100 Lac under section 61 of MVAT Act. Turnover limit of rupees 25 lakh for Audit for first three months of 2017-18 as per the news of MVAT Budget changes. However it seems that section 61 is not yet amended on MVAT Site that is https://mahagst.gov.in/en/accounts-be-audited-certain-cases .
MVAT Audit Turnover limit has been defined under section61 Of MVAT Act.
Maharashtra department have given Form 704 form which is an excel based form. Which can be downloaded form the MVAT Site that is https://mahagst.gov.in/en/form/13
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