Representation for date extension of Maharashtra VAT audit report
It is an open fact, that every one one is still taking sincere and hard efforts to comply With the GST returns filing, e-way bills, claiming refunds of exports, implementation of GST law considering the implication n sof the amendment sin GST law and soon.
Simultaneously, we are attending department for VAT assessments, Appeals, and Tans- 1creditverification. Consideringthis,several due dates of GST return filing, annual Returns and other compliance s under GST have been relaxed, in order to release the pressureofthecompliance.Theauthoritieswillappreciatethesincerecontributionof theTaxPractitioners’at large,so farfor successful implementation of GST.
Now,we have the due date approaching in front of us, for on line submission of VAT Audit Report in Form 704 for the period 01/04/2017 to 30/06/2017,i.e. 15th January’ 2019.
Sir,the dealers have already paid the Taxes & filed the VAT Returns for the period April- 17 to Jun-17 on the respective due dates on the basis of sales & purchases registers Available at the time of filing returns. Trading, Profit & Loss Account & Balance sheet of our clients is prepared for the financial year from Apr-17 to Mar-18 and that too for whole India .There fore,it is necessary to reconcile the turnover of 3 months for the State of Maharashtra from the Balance Sheet of whole India whichi s for the full Financial year which is not an easy task.If the said reconciliation of 3 months Is not Done correctly, we are again go ing to face problems whil ereconciling the turn over of 9 Months (i.e.forJuly-17 to March-18) for GST Audit. Therefore, VAT audit, thoughitis Applicable for 3months only, we have to consider and reconcile accounts of the full financial year.
Considering, time consumedin GST compliances and kind of reconciliation of turnover Required in GST Audit, GST council has decided to extend the due date for submission Of GST Audit and Annual Return up to 30th June,2019 for the period July-17 to March- 18.
As stated above, the reconciliation of the full financial yea risrequired to be done to Comply Vat Audit of 3 months.If due date of VAT Audit for 3 months is also not Extended and brought at par with due date of GST Audit, the decision of GST Council of Extendingdue date of GST Audit will not serve the purpose. There fore, the due date of VAT Audit for the period April-17 to June-17 should be at par with due date of GST Audit For July -17 to March -18, so that whole year will be reconcile data time.
Further, it is necessary to not that, coinciding due date of VAT Audit and GST Audit on The same date is not going to causeany loss of revenue to the State of Maharashtra, Because the liability of VAT is already discharge dat the time of filing VAT returns for The period April-17 to June-17.On the contrary it will give clear picture of reconciliation For both the broken periods of the financiall year 2017 -2018 at one time. Also, there are Some technical problems in online filing of VAT Audit Reports which are posted on“ GST Return” what’s app group.
There fore,it is hereby requested to extend the due date for online submission nof VAT Audit Report for the period April -17 to June- 17 upto 30 th June’2019 to bringitatpar With due date of GST Audit of the remaining broken period of the same financial yeari. e. 2017-2018.
Pleasesee Rule 40 of MVAT Rules which specifies due date for filing of revisedreturn For the period April-17 to June-17 by contractor sandsub-contractors for taking credit of WCT TDS.
According to the said Rule Contractor can revise return up to 10 th January’ 2019 and sub-contractor can revise his VATreturn up to15 th January,2019.
This aspect should also be considered for extending due date of Vat Audit.
Kindly note and do the needful.
Thanking you in anticipation of the favorable reply.
With kind Regards,
(Anil Vakharia) (Navneetlal Bora)
Chairman L & R Committee. President.