53(6) which earlier provided for 100% reduction of set - off of vat paid in respect of purchases which did not correspond to goods sold, in a case where receipts on account of sales are less than 50% of total receipts. Now it makes it unfavorable further by stating that no set - off will be available in respect of purchases, of which corresponding goods are not sold within 6 months of purchase. Also set - off of vat in respect of purchase of packing materials pertaining to such goods only will be available. It also clearly states that in case of clubs etc set - off will be available only in respect of purchase of capital goods & consumables pertaining to kitchens & services of food & drink.
· Earlier purchases of Office equipment, Furniture & fixture, electrical installation etc were under rule 54(i) (non admissibility clause). Now 54 (i) revamped along with others to exclude furniture's etc from non admissibility clause and to put it under 53 by way of insertion of sub rule 53(7A). Accordingly in respect of such purchases of office equipments & furniture / fixtures etc (except in case of those engaged in the business of transferring the right to use these goods) as against non admissibility, set - off (AS REDUCED BY 4%) will be available.Pl. note that while electrical installation removed from non admissibility clause the same not included under 53(7A). By implication thus, a view may be taken that whole amount of VAT paid in respect of electrical installation would be available for set - off
Now my question is that we want to submit audit report under 61 of mvat act & for which we have to upload form E-704 to maha-vat site.In form E-704 one of it annexure we have to state the gross receipt defined under rule 53(6). Is there any other section or rule defining the gross receipt.