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Timestamp: 2018-08-18 23:53:08
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Matched Legal Cases: ['art-1', 'art-2', 'art-3', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art-1', 'art-1', 'art 1', 'art-1', 'art-1', 'art-2', 'art 1', 'art-1', 'art-2', 'art-1', 'art-1', 'art-1', 'art-1', 'art-1', 'art-3', 'art-2']

Maharashtra Value Added Tax Rules, 2005 FORMS
The Audit Report under the Maharashtra Value Added Tax Act, 2002.INSTRUCTIONS
1. This form is to be used in respect of all accounting periods starting on or after 1st April 2008.
3. only those documents which are required under the Audit report should be enclosed with this report.
4. This report is divided in three parts, which are as under:-
B Part-1 is related to verification and certification, computation of tax liability
C Part-2 is related to general information about the dealer under audit.
D Part-3 is about the various schedules and Annexures.
5. Instructions for filling information in the return(s) remain applicable for respective items of the schedules. If, while filing returns, these instructions have not been followed, it should be ensured that they are followed while preparing the audit report. In other words use schedule as is applicable.
6. Fill the applicable portion of Part 1A, Part 1B and Part 1C. If Part 1A is filled then Part 1B and 1C should not be opted. In case Part 1B is opted then Part 1A and Part 1C should not be opted. In case Part 1C is opted then Part 1A and Part 1B should not be opted. If this instruction is not followed then the error message appears as "Please Check and Enter Box Nos. 1(A), 1(B), 1(C)".
7. Negative certification, if any is to be incorporated with reasons, at Sr. No. a to p. in Para-3 of Part-1 and should correspond to the relevant certificate. Further, the auditor's remarks are to be included at Para 5 of Part-1 and qualifications having the impact on the tax liability in brief. Wherever applicable.
8. Tax liability under the MVAT Act, 2002 and CST Act, 1956 should be computed respectively, in Table 2 and Table 3 of Part 1.
9. The Table 4 of Part-1 is for showing amount of Cumulative Quantum of Benefits (CQB) availed. This amount includes amount of CQB on account of refund claimed under rule 79(2) and under the Luxury Tax Act as per Box 10E, 11E and 12E of Schedule IV, respectively.
10. Where dealer is required to maintain the records about the sales, purchases, Imports and Exports under Central Excise Act, 194, the Customs Act, 1962 or under the State Excise Act, 1949 in such cases the Auditor should invariably correlate the details of sales, purchases, Imports and Exports disclosed under the said Acts and disclosed under MVAT Act, 2002 Any material difference noticed should be reported at Para 5 of Part-1 accordingly.
11. The Activity Codes are generally used to classify the commodities on the lines of the economic activities. It is published by International Standard Industries Classification. The same activity codes are adopted by the National Industrial Classification. These Activity codes are to be used to fill up the information in Part-2 of Table-3. These Activity Codes are available at the Departments Wet-site i.e. Www.mahavat.gov.in
12. The difference between amount as per returns and amount as per Audit gets calculated in respective Schedules which are filled by the dealer.
13. In Annexure-A details of amount of tax paid as per returns / chalan under MVAT Act and interest paid u/s 30(2) are to be filled. The details of Refund Adjustment Order issued and amount adjusted against the tax payable for the period under Audit are also to be filled in this annexure.
14. In Annexure-B details of amount of tax paid as per returns / chalan and interest paid under Section 9(2A) of CST Act are to be filled. The details of Refund Adjustment Order issued and amount adjusted against the tax payable for the period under Audit are also to be filled in this annexure.
15. In Annexure-C details of TDS certificate received by the dealer are to be filled.
16. In Annexure-D details of TDS certificate issued by the dealer are to be filled.
17. In Annexure-E details of purchases on which the set-off is claimed by the dealer are to be filled. The details regarding set-off on capital assets, non-admissibility of set-off under Rule 54, reduction of set-off under Rule 53 etc. are to be filled in this annexure.
18. In Annexure-F Various financial ratios for the period under audit and other information are to be filled. If a dealer has multi state activities, then the ratios related to gross and net profit may be given for entire business of entity and other ratios should be given for the state activities.
19. In Annexure-G details about Declarations or certificates received under the CST Act, 1956 is to be filled. TIN of the Customer should be filled in applicable cases.
20. In Annexure-H details about wanting certificate in Form-H in respect of local sales to be filled. TIN of the Customer should be filled in applicable cases.
21. In Annexure-I details about wanting declarations under the C.S.T. Act, 1956 is to be filled. TIN of the Customer should be filled in applicable cases.
22. The tax liability as per Annexure-H and Annexure-I, if any, gets reflected in figure as per Audit in row (xiv) of table No.2 and row (xi) of table No.3 of para 4 of part 1.
23. In Annexure-J dealer-wise information of sales and purchases for the period under Audit is to be filed, It consist of Six Sections.
a) Section 1 is for filling the information of Customer wise sales.
b) Section 2 is for filling the information of Supplier wise purchases.
c) Omitted
d) . Omitted
e) . Omitted
f) Section 5 is for filling the information of Customer wise transactions of direct exports and High seas sales under the CST Act, 1956
g) Section 6 is for filling the information about the purchases effected from outside the Maharashtra State (OMS). The information is so filled should be dealer wise and transaction type i.e. against Form-C, agaisnt E-I or E-II.
24. In Annexure-K determination of Gross Turnover of Sales and Purchases along with reconciliation with Profit and Loss Account, Trial Balance/ Sales and Purchase register.
25. A sheet is provided in the beginning by the name "Letter of Submission". It is provided for dealer's statement regarding submission of the Form- 704 and acceptance of Auditor's recommendations. It is to be submitted to the concerned authority along with the Acknowledgment of Audit Report in Form-704.
26. In case of Annexures, after pressing the button for validation only one error appears at a time. After correcting the same next error will appear. Errors in Annexure can be avoided if the rows in which information is to be filled are filled correctly and completely.
27. If the dealer has multi-state activities then Trial Balance in relation to the business Activities in Maharashtra should be attached.
28. Wherever prescribed documents are not made available to the auditor or same are insufficient and incomplete then the tax liability is to be computed as per the provisions of law.
29. An Acknowledgment will be generated in case of successful uploading of this Audit Report. It will show the Transaction Id and Date of uploading along with some other fields. The dealer is required to submit a print out of this Acknowledgment to the Deputy Commissioner, Desk Audit Cell, 5th Floor, New Building, Vikrikar Bhavan, Mazgaon in case of Mumbai and in case of Places other than Mumbai to the Office of the Joint Commissioner of Sales Tax, VAT (ADM).
30. Unless the dealer submits signed Acknowledgment along with required attachments, on or before 10 February 2011, the audit Report even if electronically uploaded on or before 31 January 2011, shall not be deemed to have been filed.
31. The Auditor should certify the annexures. Further, the Auditor should also give reasons for additional tax liability. If any, the dealer may accept the Auditors finding and discharge the liability if any, worked out by the Auditor either fully or partly.
32. It is mandatory for the Auditor to visit the principal place of business and the place where major business activities are carried out before the date of furnishing of Audit Report to the dealer.
33. It is mandatory to fill Part I, Part II and the applicable Schedule and Annexures. An option is available at the top right hand corner of each Schedule to choose whether the particular Schedule is applicable or not. The option is named as "Applicable" and allows option to select "Yes or No". It is mandatory for the dealer to select "Yes" in case the particular Schedule is applicable and "NO" if the same is not applicable. Once a dealer selects the option "No" then he shall not enter any information in the Schedules for which the option selected is "No".
34. The Annexure which are not applicable should be left blank.
35. It is mandatory to fill all the cells of Part-1 and Part-2 and Annexure- F. In case any filled or box is not applicable. 'O' (zero) in numerical fields and 'N.A.' in text fields should be entered.
36. In all the Schedules and Annexure it is mandatory to fill applicable rows completely i.e. if one cell in a row is filled then it is mandatory to fill all the remaining cells in that row.
37. Wherever the words "Please Specify" appears it is necessary to specify the description. For example, in Part-1, Cells C84, C86 of Table 2: C106 of Table 3 and B131, B132 of Table 5, it is necessary to mention the description, if figures are filled in the corresponding cells.
38. The green and shaded fields are non enterable. The green fields have been given formulas and are auto filled.
39. If Wrong TIN is entered in the form, then it remains RED & BOLD.
40. Most of the fields of Part-1 are auto filled, once the Annexures and the Schedule are filled. Hence it is advised to fill form 704 in the order.
First Annexure A to K then, Schedules I to VI then Part II then Part-1 and lastly Submission.
41. After validating any sheet i.e. after the validation button is pressed, the error sheet shows only the errors in that particular sheet. After pressing the validation button in Part-1, Errors in the entire form are shown. After successfully validating the Part-1. Rem. txt file will be generated and get saved in My Documents. The dealer may upload this file after logging on to www.mahavat.gov.in under his login Id and Password for e-Services.".
holder of TIN hereby certify that the
accounts have been duly audited for the period To
Maharashtra Value Added Tax Act, 2002 and have received audit report in Form - 704
1(A) (*) The Tax Audit under the provisions of the Income Tax Act, 1961 was conducted by (*) me/us/ M/s __________________________________________________________________
____________________________Chartered Accountants. We have taken on record Tax Audit Report dated ____________ alongwith all the annexures to those reports and copies each of: -
Maintenance of books of accounts, sales tax related records and preparation of financial statements are the responsibilities of the entity's management. Our responsibility is to express an opinion on their sales tax related records based on our audit. We have conducted our audit in accordance with the standard auditing principles generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the sales tax related records and financial statements are free from material mis-statement(s). The audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates by management as well as evaluating the overall
financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
1 Dealer is required to file returns (Tick
appropriate Box) Monthly Quarterly Six-monthly Annual For Deemed Dealers
2 Dealer has filed all the returns as per given
Verification of the Returns for the period
under Audit FROM To
Returns verified (Please tick the appropriate
box) (a) (i) Returns under the Maharashtra Value Added Tax Act, 2002
(ii) Return in Form or 424
(i) The dealer has filed returns only for the period in which there is inter-State sales or sales u/s. 5(2) or 5(3).
(ii) Since there are no interstate sales or sales u/s. 5(2) or 5(3) in other periods, the dealer has/has not filed returns for such periods.
2(B) Subject to *my/our remarks about non-compliance, shortcomings and deficiencies in the returns filed and tax liability computed and presented in respective schedules and Para-4 of this Part, I/We certify that,-
(a) I/We have obtained all the information and explanations, which to the best of *my/our knowledge and belief, were necessary for the purposes of the audit.
(b) *I/We have read and followed the instructions for preparation of this audit report. Considering the nature of business of the dealer and the Form in which the dealer is expected to file return(s), we give the information as required in Part-3 in Schedule I / II / III / IV / V / VI (score out whichever is not applicable) along with the applicable annexure(s).
(c) The books of account and other sales tax related records and registers maintained by the dealer alongwith sales and purchase invoices as also Cash Memos and other necessary documents are sufficient for computation of the tax liability under the MVAT Act and the CST Act and the gross turnover of sales and purchases, determined by us, includes all the transactions of sales and purchases concluded during the period under audit.
(d) on the basis of an information available on the website of the department the period under audit involves no issue in the case of this dealer in which a decision against the State Government or the Commissioner was delivered by the Tribunal and the Reference and/or Appeal therein is pending before appropriate forum except detailed in TABLE 7 herein below, if applicable.
(e) The adjustment to turnover of sales and or purchases is based on entries made in the books of account during the period under
Audit and same are supported by necessary documents.
(f) The deductions claimed from the gross turnover of sales and other adjustments thereto including deduction on account of goods return, adjustments on account of discounts as also debit/credit notes issued or received on account of other reasons, are
supported by necessary documents and are in conformity with the provisions of the relevant Act.
(g) Considering the schedule and entry wise classification of goods sold, classification of exempted sales, sales at reduced rates are correct. The tax leviable on sales is properly computed by applying applicable rate of tax and/or composition tax.
(h) Computation of set-off admissible in respect of purchases made during the period under Audit and adjustments thereto are
correct. While ascertaining the correctness, *I/We have taken into account the factors such as goods returned, adjustments on
account of discounts as also debit /credit notes issued or received on account of other reasons and these claims and adjustments are supported by necessary documents. The Set-off is worked out only on the basis of tax invoices in respect of the purchases.
(i) Wherever the dealer has claimed sales against the declarations or certificates; except as given in Annexure-H and Annexure-I, all such declarations and certificates are produced before me. I/we have verified the same and they are in conformity of the provisions related thereto.
(j) Computation of Cumulative Quantum of Benefits (CQB), wherever applicable, is in conformity with the provisions of the Act in this regard.
(k) The records related to the receipts and dispatches of goods are correct and properly maintained.
(l) The tax invoices in respect of sales are in conformity with the provisions of law.
(m) The Bank statements have been examined by *me/us and they are fully reflected in the books of account.
(n) *I/we certify that *I/we have visited the principal place of business or a place of business from where major business activity is conducted by the dealer. The dealer is conducting his business from the place/places of business declared by him as his principal place of business/and the additional place of business.
(o) Due professional care has been exercised while auditing the business and based on my observations of the business processes
and practices, stock of inventory and books of account maintained by the dealer, I fairly conclude that,-
(i) dealer is dealing in the commodities mentioned in the Part-2 of this report;
(ii) sales tax related records of the dealer reflects true and fair view of the volume and size of the business for period under
(p) I have verified that the purchases effected by the dealer in respect SEZ Unit of the dealer are used in the said Unit.
(a) _________________________________________________________________________________
(b)__________________________________________________________________________________
(c) __________________________________________________________________________________
(d)__________________________________________________________________________________
(e)__________________________________________________________________________________
Less: Credits available on account of following:
(b) Amount of tax paid under MVAT Act as per ANNEXURE-A (including interest and RAO)
(c) Credit of tax as per tax deduction at source certificates (As per ANNEXURE-C) .
ix) Total amount payable/refundable
xi) Less : Refund adjusted against the tax payable under the Central Sales Tax Act, 1956
xii) Less : Excess Credit carried forward to subsequent Tax period
Less : Refund already granted to dealer
Balance Tax Payable/ Refundable
(a) Add : Interest u/s 30(2)
(b) Interest u/s 30 (4)
xiv) Total Amount Payable/Refundable.
xv) Differential tax liability for non production of certificate as per Annexure-H.
iv) CST leviable under the Central Sales Tax Act, 1956 subject to production of declarations listed in Annexure-I.
Less : Credits available on account of followings:
(b) Amount of tax paid under the CST Act ANNEXURE-B (including interest and RAO)
vii) Balance of tax payable/Refundable)
(b) Interest U/s 9(2) read with Section 30 (4) of MVAT Act.
ix) Total Dues Payable /Refundable
xi) Differential CST liability for want of declaration as worked out in Annexure-I.
1 Difference in Taxable Turn-over
(e) _________________________________________________________________
Signature of Chartered Accountants or Cost Accountants Date of Signing the Audit Report in Form 704
Mobile No. and Landline Telephone number of the Auditor
Audit report under section 61 of the Maharashtra Value Added
Tax Act, 2002.
GENERAL INFORMATION ABOUT THE DEALERS BUSINESS ACTIVITIES
A. General information:-
1) E mail ID of the Dealer
(2) Mobile No. and Landline No. of the Dealer
(3) Permanent Account Number under Income Tax Act, 1961
(4) Name of the Dealer as appearing on the Registration Certificate. M/s________________________________
(5) Trade Name (If any):- M/s________________________________
(6) Address of the Business (To be given only if there is change in the Address during the period as compared with the Registration Certificate):-
(7) Address of the Additional place of business (To be given only if there is change in the Address during the period as compared with the Registration Certificate):-
Sr No. Name (if any) of the Additional place of Business Floor and Building Name Plot No. Street and Area City Pin-code District and State
B. RELATED INFORMATION UNDER OTHER ACTS
1 R. C. Number under P.T. Act, 1975
2 Date of Effect of R.C. under PT Act
(a) Profession Tax Returns filed for the period under Audit
b) Payments are made as per Returns (Please Tick appropriate Box).
3 E. C. Number under P.T. Act, 1975
4 Date of Effect of E.C. under PT Act
5 The Profession Tax under above E.C. has been paid for the period under Audit (Please Tick appropriate Box)
6 R. C. Number under Luxury Tax Act, 1987
7(a) Returns are filed under the Luxury Tax Act, 1987 for the period under Audit (please select appropriate Box)
(b) Payments are made as per Returns (Please select appropriate Box).
8 R.C. Number under Entry Tax on Goods Act, 2002, if any.
9 R.C. Number under Sugarcane Purchase Tax Act, 1962, if any.
10 Eligibility Certificate Number, if any.
11 Entitlement Certificate Number, if any
12 ECC Number under Central Excise Ac, if any.
13 Import Export Code given by DGFT, if any
14. Service Tax Registration Number, if any
C. BUSINESS RELATED INFORMATION
(1) Specify the divisions or units for which separate books of accounts are maintained
(2) Identity of division or unit
Sr No. Name (if any) of the Division or unit Floor and Building Name Plot No. Street and Area City Pin-code District and State
D Business Activity in Brief
E Commodity Dealt in (5 major commodities) Schedule Entry
F Address of the Place of Business of the dealer where books of account are kept ___________________________________
[i] Name and version of accounting software in use
[ii] Change in accounting software, if any
G The major changes made during the period of review - Short description of change
i) Change in the method of valuation of stock
ii) Changes in the accounting system
iii) Change in Product line
Iv) New business activity
v) Other changes , if any [ Please specify]
H Nature of business (Please Select one or more appropriate boxes, as applicable)
Manufacturer Restaurant etc
Reseller Wholeseller
. Retailer Bakery Importer Liquor Dealer
Works contractor PSI Unit Job worker Franchisee Agent
Mandap- Decorator Second hand Motor vehicle dealers
I Constitution of the Business (Please Select the appropriate box)
J Working capital employed by the entity (Difference between current assets and current liabilities) -as on the last day of the period under audit. Rs. _____________________________(in lakh)
K ACTIVITY CODE
Activity Description Turn-over
L Particulars of the Bank Accounts(s) maintained during the period under audit.
Sr. No. Name of the bank Branch BSR No.
(Give Branch Address, if BSR Code not known) Account Number(s).