Monday, 15 February 2010

A summary of VAT updates on notifications and circulars issued during the month of January 2010 in Maharashtra

Tax Clearance Certificate
In order to attain uniformity in procedures, the departmental officers have been instructed to issue Tax Clearance Certificate under the Maharashtra Value Added Tax Act, 2002 in the prescribed format. Further, format of the Profession Tax Clearance Certificate has also been prescribed.
MVAT circular on Issuing of Tax Clearance Certificates (Trade Circular No.1T of 2010, Date: 05/01/2010)
Revised parameters for submission of bank guarantee for early refund
Revised parameters have been formulated for dealers willing to submit bank guarantee for early refund. This is in supersession of the parameters prescribed under Circular No. 56T of 2007 dated 23rd August, 2007 dealing with standard procedures for processing of refund applications.
Trade Circular No.3T of 2010 on Refund under MVAT
Submission of Value Added Tax Audit Report for the periods 2005-06, 2006-07 and 2007-08
With effect from October 1, 2009, it was mandatory to submit the Value Added Tax Audit Report electronically in the new format.
However, it has now been clarified that the Audit Report for the periods 2005-06, 2006-07 and 2007-08 can be submitted physically in the old format. The dealers, however, have an option to submit these Audit Report in the new format electronically.
Trade circular No. 4T of 2010 on Filing of Audit Report in Form-704 for the periods 2005-06, 2006-07 and 2007-08
Extension in due date for submission of Value Added Tax Audit Report for the year 2008-09
The due date for submission of Value Added Tax Audit Report for the year 2008-09 has been extended to March 31, 2010. Consequently, the „Statement of Submission of Audit Report? along with prescribed documents is required to be furnished by April 10, 2010.
Due Date for MVAT audit in form 704 for financial year 2008-09 extended to 31st March

Key Takeaways from 27th GST Council Meeting

GST Council today in its 27 th meeting approved principles for filing of new return design based on the recommendations of the Group...