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Maharashtra Value Added Tax Rules, 2005 FORMS
-

Form 221

AUDIT REPORT

FORM - 704

PART - 2

SCHEDULE-I

TIN     PERIOD FROM     TO    
1) Gross turnover of sales for the year
  a) Aggregate turnover considered under The Maharashtra Goods and Services Tax Act,2017    
  2 Computation of net turnover of sales liable to tax     
  Particulars As per return

As per Audit

Difference

1 2 3 4 5
a) Gross turnover of sales including, taxes as well as turnover of non- sales transactions like value of branch/ consignment transfers , job work charges etc.      
b) Less:- Turnover of sales (including taxes thereon) including Inter-State consignment transfers and branch transfers covered under Schedule IV      
c) Balance:- Turn-Over Considered under this Form (a-b)      
d)

 

Add:-Value of goods return including reduction of sale price on account of rate difference and discount claimed but not confirmed by buyer. (Net taxable turnover with tax collected separately)      
e) Less:-Value of goods return within State for this period excluding taxable turnover with tax      
f) Less:- Credit note, price on account of rate difference and discount within State for this period excluding taxable turnover with tax      
g) Value of goods return including reduction of sale price on account of rate difference and discount confirmed by buyer (Net taxable turnover with tax collected separately)      
h) Less:-Net tax amount ( Tax included in sales shown in (c) above      
i) Less:- Total value in which tax is not collected separately      
j) Less:-Value of branch transfers / consignment transfers within the State if tax is paid by an agent      
k) Less:-Sales u/s 8(1) i.e. Inter-State sales including central sales tax, sales in the course of imports, exports and value of branch transfers/ consignment transfers outside the State      
l) Less:-Sales of tax-free goods specified in Schedule "A" of MVAT Act      
m) Less:-Sales of taxable goods fully exempted u/s 41 and u/s 8 other than sales u/s 8(1) & covered in Box 2(k)      
n) Less:-Labour charges/job work charges      
o) Less:-Other allowable deductions      
p) Less:- Deduction u/s 3(2)      
q) Balance: Net turnover of sales liable to tax [(c+d)-(h+i+j+k+l+m+n+o+p)-(e+f)]      
3 Computation of sales tax collected separately under the MVAT Act

LESS

Value of goods return including reduction of sale price on account of rate difference and discount

 

Rate of Tax

As per Returns As per Audit  

 

Difference in Tax Amount

Turn-Over of Sales liable to tax (Rs.) Tax Amount (Rs.) Turn-Over of Sales liable to tax (Rs.) Tax Amount (Rs.)
a            
b            
c            
d            
e            
f            
g            
h            
i            
j            
k            
l            
m            
A Sub total (Total of a to m)          
n            
o            
p            
q            
r            
s            
t            
u            
v            
w            
x            
y            
z            
B Sub total (Total of n to z)          
C Total (A-B)          
4)

Sales Tax collected in Excess of the Amount Tax payable As per Returns As per Audit Difference

(Rs.)

     
     

5 Computation of sales tax payable in respect of sales effected inclusive of tax under the MVAT Act LESS

Value of goods return including reduction of sale price on account of rate difference and discount

  Rate of Tax

As per Returns As per Audit Difference in Tax Amount
    Turn-Over of Sales liable to tax (Rs.) Tax Amount (Rs.) Turn-Over of Sales liable to tax (Rs.) Tax Amount (Rs.)  
a            
b            
c            
d            
e            
f            
g            
h            
i            
j            
A Sub total (Total of a to j)          
k            
l            
m            
n            
o            
p            
q            
r            
s            
t            
B Sub total (Total of k to t)          
C Total (A-B)          

6 Computation of Purchases Eligible for Set-off 
  Particulars As per Returns As per Audit

Difference

a) Total Turnover of Purchases including taxes, value of Branch Transfers / consignment transfers received and Labour/ job work charges.      
b) Less:- Turnover of Purchases Covered under Schedule IV      
c) Balance:- Turnover of Purchases Considered in this Schedule (a-b)      
d) Less:-Value of goods return, reduction of purchase price for this period excluding within State taxable turnover with tax paid separately.      
e) Less:- Reduction of purchase price on account of rate difference and discount for this period excluding within State taxable turnover with tax paid separately.      
f) Less:-Imports (Direct imports)      
g) Less:-Imports (High seas purchases)      
h) Less:- Inter-state purchases of taxable goods against certificate in Form 'H'      
i) Less:-Within the State purchases of taxable goods against certificate in Form 'H'      
j) j) Less:-Inter-State purchases (Excluding purchases against any certificate and declaration in form C,H,F,I)      
k) Less:-Inter-State branch / consignment transfers received      
l) Less:- Inter-state purchases of taxable goods against declaration in Form 'C'      
m) Less:-Within the State purchases of taxable goods against declaration in Form 'C'      
n) Less:- Within the State branch transfers /consignment transfers received where tax is to be paid by an agent      
o) Less:-Within the State purchases of taxable goods from un-registered dealers      
p) Less:- Inter-State purchases of taxable goods against declaration in Form 'I'      
q) Less:-Within the State purchases of taxable goods which are fully exempted from tax u/s 41 and u/s 8 but not covered u/s 8(1)      
r) Less:-Within the State purchases of tax-free goods specified in Schedule "A"      
s) Less:- Within the State labour job/ labour charges paid      
t) Less:- Within the State other allowable deductions, if any      
u) Less:-Within the State purchases of taxable goods from registered dealers where tax is not collected separately (Inclusive of tax)      
v) Less:- Within the State purchases of taxable goods purchased from composition dealer u/s 42(1), (2)      
w) Less:- Deduction u/s 3(2)      
x) Balance: Within the State purchases of taxable goods from registered dealers eligible for set-off [c-(d+e+f+g+h+i+j+k+l+m+n+o+p+q+r+s+t+u+v+w)]      
7 Computation of purchase tax payable on the purchases effected during this period
 

Rate of Tax As per Returns As per Audit  

Difference in Tax Amount

Net Turnover of Purchases liable for tax Tax Amount Net Turnover of Purchases liable for tax Tax Amount
a)            
b)            
c)            
d)            
e)            
f)            
g)            
TOTAL          
8 Tax rate wise breakup of within State purchases from registered dealers eligible for set-off as per box 6 (x) LESS Value of goods return including reduction of sale price on account of rate difference and discount
  Rate of Tax As per Returns As per Audit  

Difference in Tax Amount

    Net Turnover of Purchase

eligible for set- off

Tax Amount Net Turnover of Purchases eligible for set-off Tax Amount
a            
b            
c            
d            
e            
f            
g            
h            
i            
A Sub total (Total of a to i)          
j            
k            
l            
m            
n            
o            
p            
q            
r            
B Sub total (Total of j to r)          
C Total (A-B)          
9 Computation of Set-off claimed  
 

 Particulars  

As per Return

 

As per Audit Difference in Tax Amount
Purchase Value

(Rs.)

Tax Amount

(Rs.)

Purchase Value

(Rs.)

Tax Amount
  a) Within the State purchases of taxable goods from registered/ unregistered dealers eligible for set-off as per box 7 and 8          
  b) Less:- Set-off denial on account of purchases from dealer whose registration certificate is cancelled or composition dealer          
c) Less: Amount of setoff not admissible u/r 52A          
c1) Less: Amount of set off not admissible u/r 52B          
d)

Less: Reduction u/r 53 in the amount of set-off of the corresponding purchase price of (Sch. B, C, D & E or Sch. B from 1.7.2017) goods          
Capital Assets          
Other than Capital Assets          
e)

Less: Denial in the amount of set-off u/r 54 of the corresponding purchase price          
Capital Assets          
Other than Capital Assets          
f)

Less:-Within the State purchases of taxable goods from registered dealers under MVAT Act, 2002 and set-off not claimed.          
Capital Assets          
Other than Capital Assets          
g) Less:- Within the State purchases of Capital Asset from registered dealer set-off withheld for staggered manner          
h) Set-off available for the period of this period [a-(b+c+c1+d+e+f+g)]          
i)

Add:- Allowance of set-off reversed          
Capital Assets          
Other than Capital Assets          
j)

Less:- Reduction u/r 52A, 52B, 53 and denial u/r 54 out of above i          
Capital Assets (with staggered set off )          
Other than Capital Assets          
k) Add:- Allowance of set-off not claimed on goods return          
l) Total set-off admissible for the period          
             
10     Computation of Tax Payable
  Particulars As per Return (Rs.) As per Audit (Rs.) Difference
A Aggregate of credit available for the period covered under Audit.
a) Set-off admissible as per box 9 (l)      
b)  Refund brought forward from previous period      
c) Amount already paid (As per annexure A)      
d) Refund if any , as per Schedule IV, to be adjusted against the liability as per Schedule I      
e)  Adjustment of entry tax paid under Maharashtra Tax on Entry of Goods into Local Areas Act, 2002      
f)  Adjustment of entry tax paid under Maharashtra Tax on Entry of Motor Vehicle into Local Areas Act, 1987 g) Amount of tax collected at source u/s 31A      
  h) Refund adjustment order amount (As per annexure A)      
  i) Total available refund (a+b+c+d+e+f+g+h)      

B Total tax payable and adjustment of CST/ET payable against available refund
  a) Sales tax payable as per box 3 + sales tax payable as per box 5 + purchase tax payable as per box 7

 

     
  b) Adjustment on account of MVAT payable, if any as per Schedule IV against refund as per Schedule I      
  c) Adjustment on account of CST payable for this period

 

     
  d) Adjustment on account of entry tax payable under Maharashtra Tax on Entry of Goods into Local Areas Act, 2002      
  e) Adjustment on account of entry tax payable under Maharashtra Tax on Entry of Motor Vehicle into Local Areas Act, 1987

 

     
  f) Amount of tax collected in excess of the amount of sales tax payable if any ( as per box 4)

 

     
  g) Interest Payable

 

     
h) Late Fee Payable

 

     
i)

 

Add: Reversal on account of excess set-off claimed

Capital Assets      
  Other than Capital Assets      
  j)

Reduction u/r 52A, 52B, 53 and denial u/r 54 out of above (i)

Capital Assets (with staggered set off )      
  Other than Capital Assets      
  k) Balance: Refund =[10A(i)-(10B(a)+10B(b)+10B(c)+ 10B(d)+ 10B(e)+ 10B(f)+ 10B(g)+10B(h)+10B(j))]

 

     
  l) Balance Amount payable = [10B(a)+10B(b)+10B(c)+ 10B(d)+10B(e)+10B(f)+ 10 B(g)+10B(h)+10B(j) -10A(i)]      
C Utilisation of refund as per box 10B(k)
a) Refund carried forward to subsequent tax period      
b) Refund carried forward to Form GST TRAN-1of MGST Act,2017      
c) Refund claimed in this period (Box10 B(k) - Box10C(a))or ( Box10 B(k)-Box10 C (b))      
D Tax payable      
a) Total amount payable as per box 10B(l)