03 March 2014
Hi, One of my client got/applied late for MVAT registration number but he collected VAT on sales on prior to registration. I just want to know Is he/it need to file MVAT return for the period when he/it was not registered? or what is the treatment of the above case.
03 March 2014
Dear Jitendra Liability to file return is only of a regd dealer, hence you cannot file return for unregistered period. The tax collected by you shall be forfeited as excess collection & penalty shall be levied. YOu shall also not be entitled to set off of tax paid on purchases in the unregd period. The solution to the problem is to apply to regional JC VAT Adm for Adm relief to prepone the date of effect of certificate of regn. The compounding fine specified is 0.5% of gross tax liability * no of months of delay.
CAclubindia
