{"id":430,"date":"2014-12-26T00:00:00","date_gmt":"2014-12-25T18:30:00","guid":{"rendered":""},"modified":"2016-01-12T14:40:17","modified_gmt":"2016-01-12T09:10:17","slug":"mvat-audit-applicability-due-date-of-submission-of-audit-report-and-contents-of-form-704","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/mvat-cst\/mvat-audit-applicability-due-date-of-submission-of-audit-report-and-contents-of-form-704\/","title":{"rendered":"MVAT audit applicability, due date of submission of audit report and contents of Form 704"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>MVAT audit is applicable for<br \/>\nfollowing dealers for financial year 2013-2014:<\/strong><\/p>\n<ul>\n<li>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\u00a0(up to financial year 2012-13 limit was Rs.60 lakhs)<\/li>\n<li>Dealers holding Entitlement Certificate in respect of any Package Scheme of incentives are liable irrespective of turnover<\/li>\n<\/ul>\n<p>Liquor dealers \/ manufacturers are<br \/>\nliable only if turnover exceeds the limit (up to financial year 2012-13 liquor<br \/>\ndealers are required to get theirs books of accounts audited irrespective of<br \/>\nturnover limit)<\/p>\n<p style=\"text-align: justify;\">Mvat<br \/>\naudit 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<br \/>\nthe Road Transport Corporation Act, 1950<\/p>\n<p style=\"text-align: justify;\"><strong>Due date of submission of audit report:<\/strong><\/p>\n<p style=\"text-align: justify;\">Due date for submission of audit report is nine months and fifteen days from end of the year. It means for financial<br \/>\nyear report should be uploaded electronically on or before 15<sup>th <\/sup>January 2015. As per the <a href=\"https:\/\/taxclick.org\/type\/mvat-cst\/last-date-for-electronic-uploading-of-form-e-704--for-the-financial-year-2013-2014--is-15th-january--2015-and-the-last-date-for-physical-submission-of-audit-report-is-27th-january--2015\" target=\"_blank\">Trade Circular No.\u00a0<strong>21<\/strong>\u00a0<\/a><strong><a href=\"https:\/\/taxclick.org\/type\/mvat-cst\/last-date-for-electronic-uploading-of-form-e-704--for-the-financial-year-2013-2014--is-15th-january--2015-and-the-last-date-for-physical-submission-of-audit-report-is-27th-january--2015\" target=\"_blank\">T 2014 dated 20\/12\/2014<\/a>, t<\/strong>he last date for physical submission of audit report along with required documents<br \/>\nis\u00a0<strong>27<\/strong><strong><sup>th<\/sup><\/strong><strong>\u00a0<\/strong><strong>January, 2015.<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Consequences of non filing \/ late filing of MVAT audit report:<\/strong><\/p>\n<p style=\"text-align: justify;\">If a dealer fails to furnish audit report or knowingly submits report which is not complete then penalty 0.1% of<br \/>\nthe Turnover is applicable to him.<\/p>\n<p style=\"text-align: justify;\"><strong>Structure of Form 704:<\/strong><\/p>\n<p style=\"text-align: justify;\">Following are the contents of Form 704<\/p>\n<p style=\"text-align: justify;\">Statement of Submissions by the dealer, Acceptance Auditor\u2019s Recommendations<\/p>\n<p style=\"text-align: justify;\">Part-I: Verification, certification and computation of tax liability as per return and as determined in audit<\/p>\n<p style=\"text-align: justify;\">Part-II: General Information related to dealer under audit<\/p>\n<p style=\"text-align: justify;\">Part three-Various Schedules and annexure, different combinations of schedules possible<\/p>\n<p style=\"text-align: justify;\">Schedule-I- Return in Form 231<\/p>\n<p style=\"text-align: justify;\">Schedule-II- Return in Form 232<\/p>\n<p style=\"text-align: justify;\">Schedule-III- Return in Form 233<\/p>\n<p style=\"text-align: justify;\">Schedule-IV-Return in Form 234<\/p>\n<p style=\"text-align: justify;\">Schedule-V- Return in Form 235<\/p>\n<p style=\"text-align: justify;\">Schedule-VI-Return in Form IIIE (CST)<\/p>\n<p style=\"text-align: justify;\">Annexure- A to K<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/taxclick.org\/PDF\/FORM-704v2.xls\" target=\"_blank\">Download Form 704\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0(up to financial year 2012-13 limit was &#8230; <a title=\"MVAT audit applicability, due date of submission of audit report and contents of Form 704\" class=\"read-more\" href=\"https:\/\/taxclick.org\/type\/mvat-cst\/mvat-audit-applicability-due-date-of-submission-of-audit-report-and-contents-of-form-704\/\" aria-label=\"More on MVAT audit applicability, due date of submission of audit report and contents of Form 704\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[94],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MVAT audit applicability, due date of submission of audit report and contents of Form 704 - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/mvat-cst\/mvat-audit-applicability-due-date-of-submission-of-audit-report-and-contents-of-form-704\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MVAT audit applicability, due date of submission of audit report and contents of Form 704 - All About Finance\" \/>\n<meta property=\"og:description\" content=\"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\u00a0(up to financial year 2012-13 limit was ... 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