MVAT audit applicability, due date of submission of audit report and contents of Form 704

MVAT audit is applicable for
following dealers for financial year 2013-2014:

• Sales and value of goods transferred outside the state other than by way of sales should exceed one crore (up to financial year 2012-13 limit was Rs.60 lakhs) Or Whose turnover of purchases has exceeded rupees one crore (up to financial year 2012-13 limit was Rs.60 lakhs)
• Dealers holding Entitlement Certificate in respect of any Package Scheme of incentives are liable irrespective of turnover

Liquor dealers / manufacturers are
liable only if turnover exceeds the limit (up to financial year 2012-13 liquor
dealers are required to get theirs books of accounts audited irrespective of
turnover limit)

Mvat
audit is not applicable to Departments of the Union Government, any Department of any State Government, local authorities, the Railway Administration as defined under the Indian Railways Act,1989, the Kokan Railway Corporation Limited and the Maharashtra State Road Transport Corporation constituted under
the Road Transport Corporation Act, 1950

Due date of submission of audit report:

Due date for submission of audit report is nine months and fifteen days from end of the year. It means for financial
year report should be uploaded electronically on or before 15^th January 2015. As per the Trade Circular No. 21 T 2014 dated 20/12/2014, the last date for physical submission of audit report along with required documents
is 27^th January, 2015.

Consequences of non filing / late filing of MVAT audit report:

If a dealer fails to furnish audit report or knowingly submits report which is not complete then penalty 0.1% of
the Turnover is applicable to him.

Structure of Form 704:

Following are the contents of Form 704

Statement of Submissions by the dealer, Acceptance Auditor’s Recommendations

Part-I: Verification, certification and computation of tax liability as per return and as determined in audit

Part-II: General Information related to dealer under audit

Part three-Various Schedules and annexure, different combinations of schedules possible

Schedule-I- Return in Form 231

Schedule-II- Return in Form 232

Schedule-III- Return in Form 233

Schedule-IV-Return in Form 234

Schedule-V- Return in Form 235

Schedule-VI-Return in Form IIIE (CST)

Annexure- A to K

Download Form 704