INTEREST CALCULATION

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Bapu Raut (Querist)
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27 March 2010 IS THERE ANYONE WHO CAN ANSWER THE FOLLOWING QUESTIONS

1) WHAT IS THE PROCEDURE OF CARRYING OUT VAT AUDIT UNDER MVAT

2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH

3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.

PLEASE GIVE ALL THE INFORMATION THAT U HAVE ON THE MVAT AUDIT PROCEDURE AND MANNER IN WHICH FORM 704 IS TO BE PREPARED

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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17 April 2010 1) WHAT IS THE PROCEDURE OF CARRYING OUT VAT AUDIT UNDER MVAT
PLEASE REFER MVAT MANUAL ISSUED BY REGIONAL COUNCIL OF ICAI.

2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH

INTEREST FROM JUNE WILL EB APPLICABLE.

3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.

ALL THE RETURNS TO BE REVISED.

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