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Vat audit

K P BHANUSHALI (PROPRIETOR) (561 Points)

14 December 2011

Friends,

What is MVAT Audit due date for the year end 31/03/2011 for Maharashtra ?

T & R

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5 Replies

kunal mangal (Chartered Accountant) (160 Points)
Replied 14 December 2011

Dear Sir,

The due date for uploading E-Form 704 which is audit report is January 31, 2012 and due date for physical submission of documents is Feb 10, 2012. These dates are prescribed in the Act. The date may change if any circular regarding extension is issued by the VAT department.

Best Wishes,

Kunal Mangal

vaibhav tholiya (student) (75 Points)
Replied 15 December 2011

friends i m first year article trainee and doing vat audit under mvat. so please can guideme how do i should it like check lit , auditprograme details about annexcure etc.

C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
Replied 17 December 2011

Mvat Audit is easy to understand as compare to Income Tax Audit.

deepak (C.A & C.S Final) (63 Points)
Replied 17 December 2011

Dear Vaibhav,

Vat Audit is like a normal Tax Audit but here you have to look on the various criterias like Interstate Purchases and Intra State Purchases and same with Sales because the main idea behind Vat Audit is to take a correct Set-Off and for claiming it right ,one has to keep in mind wheather the Vat Output and Input is taken correctly and the rates are not differing.

Members please comment on the same.

CA Sukanya Patankar (Senior Accounts Associate) (54 Points)
Replied 30 December 2011

Dear Vaibhav MVAT Audit is like any other statutory audit. Vouching is an important task, which we perform during VAT Audit. For Vouching under MVAT 1. Check the period of Invoice. 2. It should be clearly mentioned on Invoice as TAX INVOICE. 3. Use sampling technique while auditing. 4. Check whether parties are registered or unregistered. 5. Carefully check the oms purchase invoice and see whether appropriate forms are collected. Say, C Form, H Form, E1 Form, etc.