What is MVAT audit?
What is MVAT audit?
Schedule and Annexure under Maharashtra Vat Audit(Mvat Audit) In this schedule auditor has to fill all the information relating to taxable sales & purchase like taxable sales, Output tax, Taxable purchase, Input credit, Set off available etc. Schedule-III, IV & V: The schedule III, IV & V are not generally used.
How do I download a 704 Audit Report?
The eligible dealers are requested to first download the available version of the Audit Report in form e 704 from the “Downloads” Section of the web site www.mahagst.gov.in. As an abundant caution, the dealers are informed to use the said downloaded template only for filing of audit report due.
Can VAT audit Form 704 be revised?
Ans : No. There is no provision to revise Audit Report in Form 704 in MVAT ACT 2002.
What is Form No 704?
Statement of Submission of Audit Report in Form-704 Reduce the claim of refund of Rs. Reduce tax liability of Rs. Revise closing balance of CQB of Rs. Pay interest under-section 30(2) of Rs.
In what circumstances special audit is carried out?
Special audits are needed when it is suspected that laws or regulations have been violated in the financial management of an organisation. In conjunction with investigating violations, audits can be carried out pertaining to duties, authorisations, responsibilities and internal control guidelines, for example.
How do I file a VAT audit?
Here’s how:
- Go to Reports > Taxes > VAT Returns.
- Click the dropdown near the Balance Due section for the return which you want to generate an audit file.
- Select Generate Audit File.
How do I get my ledger confirmation online?
1. Ledger Confirmation Utility Template:
- Click on “Download” which is in the Menu Bar of the portal of the Department.
- Click on “Forms”
- Click on “Electronic Forms”
- Under Ledger Confirmation Form, click on “Ledger Confirmation Utility Template”.
Can VAT audit be revised?
There is no provision of vat audit revision Maharashtra, but if a dealer has mention the wrong tin number of any Purchase or sale party he can revised the J1 and J2 annexure.
How do I fill out Form 704?
- Fill in the Form e-704 offline.
- Save the file.
- Log on to www.mahavat.gov.in.
- Enter your user Id and Password (Created on enrolment)
- Go to E-SERVICES.
- Select ‘c-AUDIT FORM link.
- Browse the Form e-704 from where it was saved.
- Press the button ” Validate and Upload”
What is turnover limit for VAT audit?
Rupees 1 Crore
As per the KVAT Act 2003, a dealer is liable for a VAT audit when his turnover exceeds Rupees 1 Crore in a financial year. Additionally, the Commercial Tax Department of Karnataka (CTDK) vide Notification No.
What are the three types of VAT?
VAT: The difference between standard-rated, zero-rated and exempt supplies. There are three categories of supplies that can be made by a VAT vendor: standard-rated, zero-rated and exempt supplies.
Where can I find MVAT audit report form 704?
Commissioner of Sales Tax, Maharashtra, amends with effect from the 1st April 2018 FORM –704- Audit report under section 61 of the Maharashtra Value Added Tax Act, 2002. GST Bhavan, Mazgaon, Mumbai 400010, dated the 5th June 2018. No. VAT/AMD-2018/1B/ADM-8.-
How to file audit report in form e-704?
Filing of audit report in Form E-704 by the dealers registered on SAP system from 25/05/2016 for the financial year 2016-2017 on Mahavat website. :- Earlier MSTD had issued a Trade Circular No. 27T of 2009 date 1st October, 2009 on the subject of filing of VAT Audit Report in Form- 704 electronically.
What should be included in Ans for MVAT audit?
Ans: In Annexure-B , details of amount of tax paid as per returns /chalan and interest paid under section 9 (2A) CST Act are to be filled. The details of Refund Adjustment Order issued and amount adjusted against the tax payable for the period under Audit are also to be filled in this annexure.
Is it possible to file VAT audit report on mahavat?
However, the automation system of Sales Tax Department has been changed from customized software to SAP System. Due to change in automation, the dealers registered after 25/05/2016 were unable to file VAT Audit Report on Mahavat portal. Now this facility has been made available.
