The Government of Maharashtra has notified the new MVAT Audit Report Form No.704 and its Schedules. The Form and its Schedules required certain clarifications and the few items are listed below -
The Schedules I, II, III, IV and V contains the following columns :
The Schedules I, II, III, IV and V contains the following columns :
- Item 3(k) in Schedule I :" "Less:-Within the State purchases of taxable goods fully exempted from tax u/s 8 [other than purchases under section 8(1) and 41(4)]"
- Item 10(j) in Schedule II :" "Less:-Within the State purchases of taxable goods fully exempted from tax u/s 8 other than purchases under section 8(1)"
- Item 6(k) in Schedule III :" "Less:-Within the State purchases of taxable goods fully exempted from tax u/s 8 and 41(4) [ other than purchases under section 8(1) ]"
- Item 3(k) in Schedule IV :" "Less:-Within the State purchases of taxable goods fully exempted from tax u/s 8 [other than purchases under section 41 (4)]"
- Item 3(k) in Schedule V :" "Less:-Within the State purchases of taxable goods fully exempted from tax u/s 8 [other than purchases under section 8(1) ]and 41 (4)"
- Every Schedule refers to different treatment as seen below :-
- Schedule I refers to deduction of taxable local purchases exempted u/s 8 other than covered under section 8(1) and 41(4)
- Schedule II refers to deduction of taxable local purchases exempted u/s 8 other than covered under section 8(1) and reference to section 41(4) is missing.
- Schedule III and Schedule V refers to deduction of taxable local purchases exempted u/s 8 other than covered under section 8(1) and deduction of taxable local purchases exempted u/s 41(4) also, whereas purchases exempt u/s 41(4) is to excluded in other schedules and not covered under this clause.
- Schedule IV refers to deduction of taxable local purchases exempted u/s 8 other than purchases under section 41(4) and reference to section 8(1) is missing.
- Item 3(b) in Schedule I,III,IV and V refers to "Less: Turnover of the Purchases covered under Schedule ****** " (other Schedules) similar to reduction from sales turnover, however the said deduction from purchases is not there in Schedule II making difficult to tally the gross turnover of purchases with the deductions and
bifurcation of purchases below.
- Item 3(n) in Schedule I, III, IV and V refers to "Less:-Within the State purchases of taxable goods from registered dealers not supported by tax invoices". What does it refers to and the said item is not appearing in Schedule II. Similarly, the same item is also not appearing in any return forms prescribed and thus figures under this head will not be available while giving figures as per returns.
- Item 2 in Annexure I attached to Schedules refers to "DETAILS OF TOTAL TAX PAID PURCHASES EFFECTED FROM REGISTERED DEALERS (OUT OF BOX 1A) AND NOT ELIGIBLE FOR SET-OFF AS PER RULE 54" i.e purchases of Inputs / Raw Materials / Expenses whereas the BOX 1B contains purchases of Capital Assests. The purchases not eligible for set-off out of the purchases of Capital Assets e.g. vehicles to be shown under which column?
- Item 13A in Schedule II relates to Aggregate of credit available, which does not contain the column for Excess credit from other Schedules and other items.
- Similarly, Item 13B in Schedule II relates to Sales Tax Payable, which does not contain the column for Excess credit from this Schedule to be adjusted against
liability of other Schedules.
- Item 7A in Schedule IV relates to "Calculation of Cumulative Quantum of Benefits (CQB) u/r 78(2)(a)" but the contains below it are same as Item 7D and thus Items
7A and 7D are duplicate.
- Item 5 in Part 1 refers to the advice relating to pay additional taxes or claim excess refund or reduce refund etc. Whether the VAT and CST figures are to be separately mentioned as the Items provided only one amount column or should VAT and CST to be combined and written.
- Item G and H in Part 2 refer to compliance under Maharashtra Profession Tax Act. The compliance is to be mentioned as either YES or NO. In the case of registered
employer, if returns for part of the year filed, whether to state YES or NO. Similarly in the case of enrolled person, if the tax is not paid fully or less, what to state?
- Item 3 in Part 2 refers to Activity Code Numbers. Where will be these codes will be available?
- Item 13C(a) in Schedule II give reference of item 9 which should have been of item 13B(e).
- In all the Schedules reference to the Amount credited as per Refund Adjustment Order under Aggregate of Credit available refers to RAO No but it is singular and instead of RAO No, it can be as per item 4E or 7E etc as referred in the case of Amount paid with returns and/or challans.
- The dealer name or the TIN No is not reflected on Part 2 or any of the Schedules making it difficult to assign to the respective dealer of which it pertains.
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