02 January 2012

Annual Statement/Details to be filed under MVAT by non-audit dealer

Circular of Commissioner for filing Form C, D, G, H, I, J1 and J2 by non audit dealers update on 01-03-2011

Every dealer registered under MVAT Act, i.e Maharashtra Value Added Tax Act, 2002 is required to file periodical return, i.e. monthly, quarterly, six monthly or annually. [Section 20 of MAVT Act.] The return gives details of total sales and purchase made by the dealer during the period, calculation of set-off (input tax credit) and tax payable by the dealer.
Under Section 61 of Maharashtra Value Added Tax Act, 2002 all dealers, having turnover of sales or purchase during any financial year exceeding of Rs.60 lakhs; are required to get their accounts audited and submit Vat Audit Report to the Department. The audit report covers the period of financial year and contains the report on verification of returns filed during the financial year and books of accounts. Various details are give along with this report in form of annexure numbered A to K.
Audit Report is in Form 704, the annexure attached contain following details:
  • Annexure C: Details of Tax Deducted at Source (TDS) certificates received corresponding to item (vi) (c ) of Table No.-2 of Part-1.
  • Annexure D: Details of Tax Deducted at Source (TDS) certificates issued.
  • Annexure G: Details of Declarations or Certificates received
  • Annexure H: Details of Declarations or Certificates (in local Form-H) not received
  • Annexure I: Declarations or Certificates not received Under Central Sales Tax Act, 1956. (other than local Form-H)
Now Maharashtra Government, Sales tax department has issued notification no. VAT/CR138/Taxation-1 dated 5th December, 2011 requiring dealers not covered under MVAT audit to file certain additional details apart from filing regular periodical returns.
By amendment in rule 17
  • dealers not covered for audit under section 61 (non-audit dealers) are also required to give further details in Annexure G, H, I, J1 & J2 within 90 days from end of year.
  • Dealers who have opted for Composition scheme and not covered under vat audit are required to give details in Annexure C, D, J1 & J2. Composition dealers are required to file annual returns instead of six-monthly returns when the amended rule come in force
The new rules comes into force form 1st April, 2012.
Clients are once again reminded to see that VAT TIN No of their customers, who are Registered Dealer are mentioned on the Sale Invoice. They should verify that their TIN numbers are mentioned on all the purchase invoices. If your suppliers do not mention  your TIN numbers  in In J2 statements filed by them, it will be difficult for you to claim input tax credit (Set-off).
Clients are also advised once again, to verify suppliers TIN number and details before effecting purchases. The details can be verified at the link Know Your TIN