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Claiming refund on vat audit form 704

HUNAID (Service) (86 Points)

20 January 2014

I have filed VAT Audit Form 704 in that there is a refund of 32000 in Schedule 1, I want to claim that refund, from one of my friend i came to know that first I have to revised the last month return for claiming that refund but as I have already filed FORM 704 can i still revised the last month return i.e in FORM 231 if so what is the procedure.

kindly let me know that answer asap

THANKS

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8 Replies

Sandeep Salve (Advisory Service) (121 Points)
Replied 14 February 2014

You can file a revised return under section 20 (4) (b) within 30 days of from 15 January which is the last date to file Form 704.

To claim refund, you will have to make a seperate application in Form 501

Kiran (M.Com) (112 Points)
Replied 15 February 2014

Dear Sandeep Sir,

section 20 (4) (b) is applicable only when there is a difference as per audit & as per return and as said above we have to revise only one month return so my question is that whether we can revised the return u/s section 20 (4) (a)??

plz correct me if i am wrong.

HUNAID (Service) (86 Points)
Replied 17 February 2014

Dear Sandeep sir,

As i have filed form e-704 on 10th of january. as you said above that within 30 days revised return can be filed. now that prescribed date had passed, now what will be the next step to claim such refund. please reply sir in detail as the amount of refund is in thousands.

Anyone knowing the solution for the above query is welcomed.

HUNAID (Service) (86 Points)
Replied 17 February 2014

Dear Sandeep sir,

Anyone knowing the solution for the above query is welcomed.

Sandeep Salve (Advisory Service) (121 Points)
Replied 18 February 2014

Originally posted by : Kiran Badderu
	Dear Sandeep Sir, section 20 (4) (b) is applicable only when there is a difference as per audit & as per return and as said above we have to revise only one month return so my question is that whether we can revised the return u/s section 20 (4) (a)?? plz correct me if i am wrong.

Dear Kiran,

A dealer can sue motu file a revised return u/s 20 (4) (a). The due date for the same is 31 January.

Revised return u/s 20 (4) (b) is to be filed when vat audit advices the same. Check Form 704 whether such qualification or remark is made by Vat Auditor. The due date for filing revised return u/s 20 (4) (b) is 14 Febraury.

Hence, you get another grace period of 14 days if you opt for revised return u/s 20 (4) (b) and therefore, I had suggested to file revised returns u/s 20 (4) (b)

Sandeep Salve (Advisory Service) (121 Points)
Replied 18 February 2014

Originally posted by : HUNAID
	Dear Sandeep sir, As i have filed form e-704 on 10th of january. as you said above that within 30 days revised return can be filed. now that prescribed date had passed, now what will be the next step to claim such refund. please reply sir in detail as the amount of refund is in thousands. Anyone knowing the solution for the above query is welcomed.

Dear Hunaid,

First of all, pay a late fees of Rs. 5,000/- as mentioned in section 20(6) and than file a revised.

You will have to make a seperate application to claim refund in Form 501. The due date for filing Form 501 for FY 2012-13 is September 30, 2014. So relax.

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Kiran (M.Com) (112 Points)
Replied 18 February 2014

"Dear Kiran, A dealer can sue motu file a revised return u/s 20 (4) (a). The due date for the same is 31 January. Revised return u/s 20 (4) (b) is to be filed when vat audit advices the same. Check Form 704 whether such qualification or remark is made by Vat Auditor. The due date for filing revised return u/s 20 (4) (b) is 14 Febraury. Hence, you get another grace period of 14 days if you opt for revised return u/s 20 (4) (b) and therefore, I had suggested to file revised returns u/s 20 (4) (b) "

Dear Sandeep Sir,

What will happen if FORM 704 is filed wrong , for eg -we have not shown any differences as per audit and as per return and now we came to know that we have to revised return for 3 months of 2012-13 . And also if ANNEXURE E is not filled , due to which payable comes in PART 1.

In the above case , whether we will be eligible for filing revised VAT audit ?

PLease advice.

Regards

Kiran

Sandeep Salve (Advisory Service) (121 Points)
Replied 20 February 2014

Originally posted by : Kiran Badderu
	"Dear Kiran, A dealer can sue motu file a revised return u/s 20 (4) (a). The due date for the same is 31 January. Revised return u/s 20 (4) (b) is to be filed when vat audit advices the same. Check Form 704 whether such qualification or remark is made by Vat Auditor. The due date for filing revised return u/s 20 (4) (b) is 14 Febraury. Hence, you get another grace period of 14 days if you opt for revised return u/s 20 (4) (b) and therefore, I had suggested to file revised returns u/s 20 (4) (b) " Dear Sandeep Sir, What will happen if FORM 704 is filed wrong , for eg -we have not shown any differences as per audit and as per return and now we came to know that we have to revised return for 3 months of 2012-13 . And also if ANNEXURE E is not filled , due to which payable comes in PART 1. In the above case , whether we will be eligible for filing revised VAT audit ? PLease advice. Regards Kiran

Dear Kiran,

There is not provision of filing revised Form 704 in MVAT Act.

The consequences of the said act may be the following -

the concered Vat auditor will be liable for professional misconduct;

the dealer and the concerned vat auditor shall on conviction be punished under section 74 with rigorious imprisonment for a term which shall not be less than one month but which may extend to one year and with fine.

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