Mvat return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2015 We use to file a monthly return of MVAT. Now I had missed one of the purchase entry having a VAT @12.50% in Annexure J2 and the return has uploaded and filed as monthly return. Now can anybody help me out of this situation. Whether should file revised return (pls. tell me in detail for revised return) or anything other than this. pls. help it is very urgent.

Adv. Kiran Marathe

Adv. Kiran Marathe (Expert)
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07 January 2015 you can make the revise annexure to include the particular bill set off in return. you can also make revise return of the same.remember it only one revise return is available to make under section 20(4)(a).

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2015 Thanks Kiran, for replying, Can we revise during filing of Audit Report 704 or else we have to revise the return of that month. Also please explain me the following "one revise return is available to make under section 20(4)(a)" whether it means if there is a mistake in next month, we cannot file the revise return (cannot upload or revise the return). please explain in details.

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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03 August 2024 To address the situation of missing a purchase entry in your MVAT return, follow these detailed steps and guidelines:

### **Steps to Correct the Missing Purchase Entry:**

1. **Understanding Revised Returns:**
- Under the Maharashtra VAT Act, you can file a revised return to correct errors or omissions in a previously filed return. This applies to both monthly returns and annual returns.

2. **Filing a Revised Return:**
- **Process:**
- Go to the Maharashtra VAT website where you normally file your returns.
- Navigate to the section for revising returns.
- Select the specific month and year of the return you need to revise.
- Enter the missing purchase entry with VAT @12.50% in Annexure J2.
- Ensure all other details are correctly filled.
- Submit the revised return and keep a copy for your records.
- **Frequency:**
- You can revise a return multiple times if needed, but each revised return should be submitted for the same period before the final audit or assessment.

3. **Revised Return Filing Timeline:**
- The revised return must be filed before the completion of the assessment for that period. Typically, this can be done up to 12 months from the end of the financial year or as specified by local regulations.

4. **Audit Report (Form 704):**
- Filing Form 704, which is the VAT audit report, is different from revising a return. You cannot correct a missed entry in the return through Form 704; instead, you should use the revised return mechanism.
- **Process for Filing Form 704:**
- Ensure that all corrections in the monthly returns are accurately reflected before submitting Form 704.
- The audit report is a summary of the VAT returns and should include all necessary adjustments made in your revised returns.

5. **Understanding Section 20(4)(a):**
- This section allows for a one-time revision of returns. It means that you can only revise a return once for a given period to correct any errors or omissions.
- **If Mistake in Next Month:**
- If you find mistakes in a subsequent month, you should file a revised return for that specific month. The provision does not restrict further revisions for different periods.

### **Detailed Process for Revised Return Filing:**

1. **Log into the VAT Filing Portal:**
- Use your credentials to access the Maharashtra VAT e-filing portal.

2. **Navigate to the Correct Section:**
- Find the section for revising returns (usually under the returns menu).

3. **Select the Return to Revise:**
- Choose the month and year of the return you need to revise.

4. **Enter Correct Information:**
- Add the missing purchase entry with the appropriate VAT rate in Annexure J2.
- Make sure to update other related details if necessary.

5. **Verify and Submit:**
- Double-check all the entries for accuracy.
- Submit the revised return and download the acknowledgment receipt.

6. **Maintain Records:**
- Keep copies of the revised return, acknowledgment receipts, and any communication with tax authorities for future reference.

### **Key Points:**

- **Correct Filing is Essential:** Always ensure that your returns are accurate to avoid complications with tax assessments.
- **Regular Revisions:** Regularly review your VAT filings and correct errors promptly.
- **Consult Professionals:** If you're unsure about the process or implications, consider consulting a tax professional or VAT consultant for guidance.

By following these steps, you should be able to address the missing purchase entry and ensure your VAT filings are accurate and compliant.