Dear All,
The Government of Maharashtra made the amendments to Maharashtra Value
Added Tax Rules, 2005 vide Maharashtra Value Added Tax ( Second
Amendment ) Rules, 2007 dated 31st October, 2007. The main and important
amendments are listed below for ready reference -
(A) PAN made complusory at the time of registration by removing the word
"if any" appearing in the section 8(9)
(B) The dealer shall, in addition to the report of audit shall also file
an electronically readable CD-ROM by downloading the Form 704 from the
website https://www.mahavat.gov.in
Changes w.e.f. 1st April, 2007 :
(A) Reduction in set-off reduced from 4% to 3% in following cases
(i) in respect of any taxable goods used as fuel;
(ii) in respect of any taxable goods purchased by him (not being
goods treated as capital assets or used as fuel) corresponding to
manufacture of any tax free goods;
(iii) in respect of any packing material purchased by him
corresponding to resell of any tax free goods packed in material;
(iv) in respect of any taxable goods purchased by him (not being
goods treated as capital assets or used as fuel) corresponding to
dispatches of any taxable goods outside the State, to any place within
India, not by reason of sale, to his own place of business or of his
agent or where the claimant dealer is a commission agent, to the place
of business of his principal;
(v) in respect of any purchase of office equipment, furniture or
fixtures and has treated them as capital assets and he is not engaged in
the business of transferring the right to use these goods (whether or
not for a specified period) for any purpose;
(B) The report of the audit under section 61 shall be submitted within
ten months as against eight months earlier of the end of the year to
which the report relates.
Changes w.e.f. 1st April, 2008 :
(A) Six Monthly Returns will be applicable to dealers whose
(i) tax liability during the previous year was Rs.1,00,000/- or
less instead of Rs.36,000/- or less as earlier or
(ii) whose entitlement for refund during the previous year was
Rs.10,00,000/- or less instead of Rs.36000/- or less as earlier.
(B) Monthly Returns will be applicable to dealers whose
(i) tax liability during the previous year had exceeded
Rs.10,00,000/- instead of Rs.1,00,000/- as earlier or
(ii) whose entitlement for refund during the previous year had
exceeded Rs.1,00,00,000/- instead of Rs.1,00,000/- as earlier.
Thanks.
CAclubindia
