Nuances of VAT Returns Filing in Maharashtra

The system of Value Added Tax (VAT) has been implemented, in the State of Maharashtra, w.e.f. 1st April, 2005.

Registration 

Every dealer, who becomes liable to pay tax under the provisions of MVAT, shall apply electronically for registration to the prescribed authority, in Form 101, within 30 days from the date of such liability.

Every registered dealer shall be required to file correct, complete and self-consistent return, in prescribed form, by the due date.

Periodicity and due date:–

For the periods commencing from 1-4-2008

Sr. No.	Category	Periodicity
1.	A)Newly registered dealers (up to 30-4-2010) B) Retailers opted for composition Scheme C) Tax liability, in the previous year, up to Rs. 1 lakh  or Refund entitlement up to Rs. 10 lakhs.	Half Yearly
2.	A) Dealers under Package Scheme of Incentive B) Tax liability, in the previous year, exceeds  Rs. 1 lakh but up to Rs. 10 lakhs or refund  entitlement exceeds Rs. 10 lakhs but up to Rs.1 crore. C) Newly registered dealers (w.e.f.1-5-2010)	Quarterly
3.	All other dealers whose tax liability, in the  previous year, exceeds Rs. 10 lakhs or  refund entitlement exceeding Rs. 1 crore	Monthly

Due Dates for Filing Returns

1. Monthly and Quarterly Returns – 21 days from the end of month/quarter
2. Half Yearly Returns -- 30 days from the end of six monthly period
   
   
   
   

Key vat changes - by mymuneemji

The Maharashtra BUDGET for 2014-2015 is announced today 5th June, 2014 and the main tax proposals in respect of Maharashtra VAT and

1.Profession Tax are -
Registration limit increased to 10 lakhs

2.VAT Audit limit raised to 1 crore from FY 2013-2014

3.Late Fee reduced to Rs.2,000/- for late upto 1 month in filing Return

4.Pending Returns can be filed with Tax, interest and Late Fee of Rs.1,000/-.

5.Retailer composition @1% of total turnover or @1.5% of taxable turnover

6.No 30(4) penal interest if additional demand as audit or investigation is less than 10% of tax paid with returns.

7.Rate of Tax on Cotton reduced to 2%

8.Profession Tax limit for salaried persons increased to Rs.7,500/-