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Questions regarding mvat

yashsr (CA) (2285 Points)

09 April 2012

Hello,

I have the following questions regarding MVAT:

1) Has the due date for 6 monthly/quarterly/monthly returns for the period ended 31/03/2012 been extended?

2) Is Form J1/J2 compulsory for Non-Audit based MVAT assessees for the year ended 31/03/2012?

3) It is proposed the Income Tax Audit limit be raised from Rs.60 lacs to Rs.1 Crore? But what about VAT Audit Limit? Will it still be 60 lacs for the FY 12-13?

Thanks!

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11 Replies

Nishith Pursnani (B.com CPFA CFP(student)) (57 Points)
Replied 09 April 2012

As per new Trade Circular in Mahavat now (Trade Cir. 3T dated 27 feb 2012),

The other dealers who are not required to submit Audit Report in Form-704 shall, submit the details of sales and purchases for entire year in Annexure J1, Annexure J2 and other details in Annexure-C, Annexure-D, Annexure-G, Annexure-H, and Annexure-I appended to this notification.

The requisite annexure alongwith the aforesaid returns shall be submitted within Ninety days from the end of the year to which such annexure relates.

The annexures referred above are as under :-

(a) Annexure-C:- The information with regards to details of TDS certificates received by the dealer is to be filled. .

(b) Annexure-D:- The information with regards to details of TDS certificates issued by the dealer are to be filled.

(c) Annexure-G:- The information with regards to details of the various certificates or declarations (as provided under Central Sales Tax Act, 1956) received is to be provided.

(d) Annexure-H:- The information about the details of the declarations in form H, which are not received in respect of local sales is to be provided.

(e) Annexure-I:- The information with regards to details of the various certificates or declarations (as provided under Central Sales Tax Act, 1956) that are not received is to be provided.

(f) Annexure-J1:- Dealer-wise information of sales. The information with regards to Customer-wise sales is to be provided.

(g) Annexure-J2:- Dealer-wise information of purchases. The information with regards to Customer-wise purchases is to be provided.

thanks

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CA CS Pawan Jajoo (CA) (1958 Points)
Replied 09 April 2012

Dear yashsrji

1)Due date for non audit assessess only increased for 90 days for filing return, and not for making payment. That is payment is to be made before 21 st april for Qtrly, Monthly dealer and 30 th April for Half Yearly dealers

2)J1/J2 compulsory for Non-Audit based MVAT assessees for the year ended 31/03/2012

3)At present VAT Audit limit is not enhanced. It is 60 Lacs only.

2 Like

Piyush (Manager) (64 Points)
Replied 09 April 2012

What about tax-free sale in J1. Do we have to include tax free sale in annexure J1 or just taxable sale

Nishith Pursnani (B.com CPFA CFP(student)) (57 Points)
Replied 09 April 2012

include only taxable sale ..

yashsr (CA) (2285 Points)
Replied 12 April 2012

Originally posted by : CA CS Pawan Jajoo
	Dear yashsrji 1)Due date for non audit assessess only increased for 90 days for filing return, and not for making payment. That is payment is to be made before 21 st april for Qtrly, Monthly dealer and 30 th April for Half Yearly dealers 2)J1/J2 compulsory for Non-Audit based MVAT assessees for the year ended 31/03/2012 3)At present VAT Audit limit is not enhanced. It is 60 Lacs only.