Mvat audit form 704

have you checked by entering the details and validating the forms

Originally posted by : CA Kedar Sakhardande
	have you checked by entering the details and validating the forms

The Form 704 Annexure J1 and J2 does not accept negative values

So we cannot deduct sales return and purchase return from sales in total sales in J1 and in total purchases in J2 respectively

there is no need to enter negative values dear. the annexure J3 is supposed to take figures for sales return only

regards
 

Sir,

But now the annexure J3 is not available in form 704 we have only J1 & J2

I was talking of inserting negative values in Annexure J1 so as to deduct sales return from Total Sales.But the form does not accept it as it requires net sales information to the buyer.

You can enter negative value in Ann-J2 under the head "Remaining Local Transaction" or "Local Purchase to Non Tin Holders".

Hello Subodh I tried to enter the negative value in the head "Remaining local transaction", it show error as "It should be number". How to overcome this problem.

youe may put all positive figure after adjusting sales returns in annexture J1

put the following  observations in Annexture K.

You can follow this metod.

ANNEXURE J-2

Only in case of Purchase Return during the period. Put only VAT amount in negative figure but not purchase amount. J-2 will be error free.

Same in the case of J-1 also.

You can follow this metod.

ANNEXURE J-2

Only in case of Purchase Return during the period. Put only VAT amount in negative figure but not purchase amount. J-2 will be error free.

Same in the case of J-1 also.

Within 6 months the return should be revised regarding the sales return.

If it is not done , show in the Reconciliation sheet .