vat audit
This query is : Resolved
27 September 2016
kindly guide me steps of conducting mvat audit and for of fat working.
27 September 2016
http://mahavat.gov.in/Mahavat/MyFold/DOWNLOADS/FORMS/DOWNLOAD_FORMS_MVAT/Downloads-MVAT.073.pdf
go through the form thoroughly and start filling the same....the audit points will automatically generated in your mind.
go through the form thoroughly and start filling the same....the audit points will automatically generated in your mind.
27 September 2016
you are most welcome.
27 September 2016
if any mvat working format available is there?
02 August 2025
Conducting a Maharashtra VAT (MVAT) audit involves a systematic approach to ensure compliance with the Maharashtra Value Added Tax Act, 2002. Here's a step-by-step guide to assist you:
MahaGST
📝 Step-by-Step Guide to Conducting MVAT Audit
1. Obtain Form 704 (New)
This is the prescribed audit report format under Section 61 of the MVAT Act.
You can download it from the official Maharashtra GST website:
MahaGST
2. Review Dealer's Records
Examine the dealer’s books of accounts, including:
Sales and purchase registers
Tax invoices and debit/credit notes
Payment receipts and bank statements
Stock registers and purchase orders
Ensure all records are complete and up-to-date.
MahaGST
3. Verify Turnover
Calculate the total turnover, including:
Local sales
Interstate sales
Export sales
Other taxable transactions
Ensure the turnover exceeds ₹1 crore to determine audit applicability.
4. Reconcile Input Tax Credit (ITC)
Verify the ITC claimed by the dealer:
Cross-check purchase invoices with sales records.
Ensure ITC is claimed only on eligible purchases.
Reconcile ITC with the returns filed.
5. Check Tax Payments
Ensure that taxes due are paid within the stipulated time.
Verify the payment of taxes through bank challans and receipts.
Reconcile tax payments with the returns filed.
Reddit
+4
MahaGST
+4
MahaGST
+4
6. Prepare Form 704 (New)
Fill out the form accurately, providing details such as:
Dealer’s information
Turnover details
Tax calculations
ITC details
Tax payments
Ensure all schedules are completed as per the instructions.
7. Audit Certification
After completing the audit, certify the report:
Sign and date the audit report.
Provide your membership number and designation.
Ensure the certification is in line with the provisions of the MVAT Act.
8. Submission of Audit Report
Submit the completed Form 704 (New) to the concerned VAT authority:
The report must be submitted on or before 28th February of the year immediately succeeding the financial year to which the report relates.
Ensure submission is done within the prescribed time to avoid penalties.
MahaGST
+1
MahaGST
+1
📄 Sample Working Format for MVAT Audit
While a specific "working format" isn't prescribed, the following documents are typically maintained during the audit process:
Turnover Reconciliation Sheet
Details of all sales and purchases, segregated by type (local, interstate, export).
Input Tax Credit (ITC) Reconciliation Sheet
List of eligible purchase invoices and corresponding ITC claimed.
Tax Payment Reconciliation Sheet
Details of tax payments made, including challan numbers and dates.
Form 704 (New)
Completed audit report form.
These documents help in systematically verifying the dealer's compliance with the MVAT Act and assist in preparing the audit report.
MahaGST
📝 Step-by-Step Guide to Conducting MVAT Audit
1. Obtain Form 704 (New)
This is the prescribed audit report format under Section 61 of the MVAT Act.
You can download it from the official Maharashtra GST website:
MahaGST
2. Review Dealer's Records
Examine the dealer’s books of accounts, including:
Sales and purchase registers
Tax invoices and debit/credit notes
Payment receipts and bank statements
Stock registers and purchase orders
Ensure all records are complete and up-to-date.
MahaGST
3. Verify Turnover
Calculate the total turnover, including:
Local sales
Interstate sales
Export sales
Other taxable transactions
Ensure the turnover exceeds ₹1 crore to determine audit applicability.
4. Reconcile Input Tax Credit (ITC)
Verify the ITC claimed by the dealer:
Cross-check purchase invoices with sales records.
Ensure ITC is claimed only on eligible purchases.
Reconcile ITC with the returns filed.
5. Check Tax Payments
Ensure that taxes due are paid within the stipulated time.
Verify the payment of taxes through bank challans and receipts.
Reconcile tax payments with the returns filed.
+4
MahaGST
+4
MahaGST
+4
6. Prepare Form 704 (New)
Fill out the form accurately, providing details such as:
Dealer’s information
Turnover details
Tax calculations
ITC details
Tax payments
Ensure all schedules are completed as per the instructions.
7. Audit Certification
After completing the audit, certify the report:
Sign and date the audit report.
Provide your membership number and designation.
Ensure the certification is in line with the provisions of the MVAT Act.
8. Submission of Audit Report
Submit the completed Form 704 (New) to the concerned VAT authority:
The report must be submitted on or before 28th February of the year immediately succeeding the financial year to which the report relates.
Ensure submission is done within the prescribed time to avoid penalties.
MahaGST
+1
MahaGST
+1
📄 Sample Working Format for MVAT Audit
While a specific "working format" isn't prescribed, the following documents are typically maintained during the audit process:
Turnover Reconciliation Sheet
Details of all sales and purchases, segregated by type (local, interstate, export).
Input Tax Credit (ITC) Reconciliation Sheet
List of eligible purchase invoices and corresponding ITC claimed.
Tax Payment Reconciliation Sheet
Details of tax payments made, including challan numbers and dates.
Form 704 (New)
Completed audit report form.
These documents help in systematically verifying the dealer's compliance with the MVAT Act and assist in preparing the audit report.
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