can anybody pls give me some iiformation of form no.704 and how we know which schedule is applicable for purticular business
5 Replies
Rajlaxmi
(Tax Consultant/Accounts Writer)
(23 Points)
Replied 09 December 2008
Can anybody tell me VAT rate for submersible pumps used in agriculture ?
(Guest)
| Originally posted by :Rajlaxmi | ||
| " | Can anybody tell me VAT rate for submersible pumps used in agriculture ? | " |
Shailesh
(accounts & Excel VBA)
(342 Points)
Replied 15 December 2008
| Originally posted by :bharat | ||
| " | can anybody pls give me some iiformation of form no.704 and how we know which schedule is applicable for purticular business | " |
FORM 704
INSTRUCTIONS
1 Please read these instructions carefully before filling up the report.
2 No additional enclosure unless prescribed or unless it is essential for furnishing the information is to
be filed with this report.
3 Do not leave any field or box blank. In case any field or box is not applicable, enter ‘zero’ (0) in
numerical fields and write ‘N.A.’ for ‘Not Applicable’ or as the case may be, ‘Nil’ in other fields.
4 This report is divided in three parts. Part 1 is mainly related to verification and certification. Part 2 is
mainly related to general information about the dealer under audit. The auditor is expected to
ascertain the various parameters in part 2 and supply the details required. Part 3 is about the various
schedules and their Annexures.
5 The auditor MUST give his remarks in brief in table 3 of Part I, wherever difference is found
between Amount as per returns and Amount as per audit. This is essential to make the report
complete and transparent. It will also prevent avoidable queries by the Department.
6 Filling of Part 1 and Part 2 of this report is mandatory in respect of all the dealers. It is mandatory to
fill in the relevant schedule(s) of part 3 as also the Annexures wherever required.
7 If the dealer has multi-State activities, then ratios related to gross and net profit may be given at all
India level and other ratios should be given at State level.
8 The tax liability is to be computed as required by law wherever documents are not made available to
the auditor or are insufficient.
9 Third part of the report is linked with the type of return/s filed by the dealer and is to be filled in
accordingly. Instructions provided for filling in information in the return/s are applicable to
respective items of the schedules, as shown in following table. If, while filing returns, these
instructions have not been followed, the auditor should ensure that they are followed in the audit
report.
Sr.No. Type of Return filed Relevant Schedule
1 Form 231 Schedule I
2 Form 232 Schedule II
3 Form 233 Schedule III
4 Form 234 Schedule IV
5 Form 235 Schedule V
6 Form III E (CST) Schedule VI
7 Dealer filing different types of Different combinations of
returns (as mentioned in Sr. No.1 to 5 above) Schedules as applicable depending
upon the types of returns filed
10 Auditor is requested to sign and put his seal on every page of the report
(Guest)
| Originally posted by :Guest | ||
| " | my goods lyies under 4% mvat. if i sold above good to outside maharashtra customer who will not issue me C form. how much tax mvat/cst i have to charge to him in my tax invoice | " |
local tax for the goods will be charged. in your case it is 4% so cst 4% will be charged in Invoice. Tax invoice is for Vat and not for cst.
Ramesh
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