05 January 2021
Hello .I had already filed 704 Vat report for last quarter 17-18,but certain invoices were recieved late but i missed out taking the credit .Can i revise my j2 annexure now and if yes what and how much will be the penalty for such revision.
11 July 2024
In the context of VAT (Value Added Tax) filings, revising the J2 annexure for invoices received late is possible in many jurisdictions, subject to specific rules and procedures outlined by the tax authority. Here’s a general approach on how you can proceed:
### Steps to Revise J2 Annexure for Late Invoices:
1. **Check Revision Rules**: Review the VAT rules and guidelines provided by your state's VAT department or tax authority regarding the revision of J2 annexure. These rules typically specify the time frame within which revisions are allowed and any penalties or fees associated with late revisions.
2. **Procedure for Revision**: - Log in to the VAT department’s online portal or visit the department in person. - Navigate to the option for revising J2 annexure or VAT returns. - Select the period (quarter) for which you need to revise the J2 annexure (last quarter of 17-18 in your case). - Provide details of the invoices received late that were not included in the original J2 annexure.
3. **Documentation Requirements**: Prepare supporting documentation for the invoices received late, including copies of the invoices, proof of payment, and any other relevant records.
4. **Penalty Consideration**: - Penalties for late revisions vary by jurisdiction. They may be assessed based on the amount of tax underreported or other factors determined by the tax authority. - Some jurisdictions may have specific penalty provisions for late revisions, while others may consider factors such as the reason for the late revision and the taxpayer’s compliance history. - It’s advisable to check with your VAT department or tax advisor to understand the specific penalty structure applicable in your case.
5. **Submission and Confirmation**: Submit the revised J2 annexure through the VAT department’s online portal or by following the prescribed procedure. Ensure that you receive acknowledgment or confirmation of the submission from the department.
### Important Points to Consider:
- **Timeliness**: Act promptly to revise the J2 annexure once you discover the error or omission to minimize penalties and comply with tax regulations.
- **Accuracy**: Ensure that the revised J2 annexure accurately reflects the additional invoices and corrects any errors or omissions in the original filing.
- **Professional Advice**: If uncertain about the process or penalties, seek advice from a tax professional or consultant who is familiar with VAT regulations in your jurisdiction.
By following these steps and adhering to the rules set by your VAT department, you can rectify the omission of late-received invoices in the J2 annexure for the last quarter of 2017-18 and address any penalties or fees as applicable.
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