Single Revised Return for the year 2016-17 onwards under MVAT Act

Feb 19, 2018 | by Avantis RegTech Legal Research Team

Maharashtra Sales Tax Department had issued a Trade Circular No. 22 T of 2016 which explains the new automation process of filing of returns for the periods from April 2016.

Certain classes of dealers are required to get their accounts audited by an Accountant and furnish report of audit in the Form 704 under Section 61 of the Maharashtra Value Added Tax Act, 2002 (MVAT). As a result of the report of audit in Form 704, if any dealer discovers any omission or incorrect statement in the filed return, he may furnish a single revised return under Section 20(4)(b) of the MVAT Act for the year as regards the period in respect of which the omission or incorrect statement is discovered before the expiry of the period of 30 days from the date prescribed for furnishing the said return.

The prescribed date for the submission of Audit report in Form 704 for the period April 01, 2016 to March 31, 2017 is January 15, 2018. However, vide Trade Circular No. 2T of 2018 dated January 12, 2018, if the dealer files Audit Report for the aforesaid period upto February 15, 2018, then penalty proceedings will not be initiated.

If any person or dealer agrees with the observation contained in intimation received by him under Section 63(7) of the MVAT Act, regarding omission or incorrect statement in the return, revised return or fresh return filed by him, then he may furnish a single revised return for that year within 30 days from the date of service or such intimation.

The new single revised return filing process envisages preparation of invoice-wise sales and purchase annexure. For this dealer is required to visit to MGSTD Web-site and download the return template form. The new process of filing of single revised returns for the periods starting from Apr 2016 is being explained in the Trade Circular.

The dealers who have already filed Monthly or Quarterly revised return(s) under Section 20(4)(b) of the MVAT Act, at any time before issuance of this Trade Circular, are not required to file once again a single revised return for the said period.

[Trade Circular No. 07T of 2018]

URL: http://www.mahavat.gov.in/Mahavat/MyFold/KNOWLEDGE%20CENTER/TRADE%20CIRCULARS/DateWise/KNOW_TRADEC_DW_MVAT/KNOW_TRADEC_DW_MVAT_02_17_18_4_15_24PM.pdf


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