Form 704

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 December 2014 In form 704 (Maharashtra VAT) for year 2011-12, Sales returns shown as purchase in J2 instead of J3 (rejected material is received by excise invoice)

As per customers Audit report form 704 same amount shown as Purchase return.

Now STO is asking to pay the amount with interest and penalty for the same amount and suggested to revise return showing sales return for refund.

Is it right process?

Amol S Joglekar

Amol S Joglekar (Expert)

22 December 2014 Why STO is asking for payment of amount with interest and penalty?

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 As per STO's opinion
The setoff is only allowed as purchase if customer shown in J1
Even customer shown the same amount in J4
it's your fault that you haven't claimed it under J3
You have to pay first and revise return and claim for refund

Amol S Joglekar

Amol S Joglekar (Expert)

22 December 2014 Why to PAY first? He should allow you to REVISE directly, if STO is satisfied with your claim.

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 I requested to revise directly
But his opinion is there is no provisions in act to revise at the time of assessment
And mistake in filling form 704 is offence

Amol S Joglekar

Amol S Joglekar (Expert)

22 December 2014 That clearly suggests STO is interested in some extra curricular activity.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2014 thank you for your reply sir,
next hearing is on 29th December,
I will give you feedback.

Amol S Joglekar

Amol S Joglekar (Expert)

23 December 2014 You are welcome.
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