one of our clients had total purchases (maharashtra )for the year 2008-09 at 60 lakhs.
However he has not filed VAT Audit report(Form 704) for the said year.
Due date for filing Form 704 had last been extended to 31/03/2010, which has already passed.
I want to know what will be penalty levied on him? ALso, can we file his audit report belatedly?
Waiting for an early reply/.!!
this post pertains to maharashtra VAT.
I hope many of you must be practising in maharashtra.
Hope you can help me on this issue.!!
i think its
1] 1% of Taxable T/o
2] rs. 5000/-
which ever is greater.
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