Maharashtra VAT - submission of Audit Report in Form-704 – Last Date Will NOT be Extended
The prescribed date for submission of Audit Report in Form-704 in respect of the year 2007-08 is 31st January, 2009. All reports, therefore, will have to be submitted on or before this date. The Maharashtra Sales tax Commissioner has informed that The date will not be extended in any circumstances.
The existing Form-704 was replaced by the New Form-704 published in the Official Gazette on the 10th November, 2008.
Representations were received from the Western India Regional Council of the Institute of Chartered Accountants of India and The Institute Of Costs and Works Accountants of India. The Regional Council has raised several important issues regarding the New Form-704 and has sought clarifications. Meetings have been held with the representatives of both the Institutes. The required clarifications will be issued separately. The representatives of the Western Council have also requested that the due date for filing the Report is 31st January, 2009 and as little time is left for preparing the Report in the New Form, the old Form-704 may be permitted to be used even after the 10th November, 2008 for submitting the Audit Report in respect of the year 2007-08.
The Commissioner has accepted this request. Accordingly, he clarifies that Audit Report in the Old Form-704 in respect of the year 2007-08 will be accepted even after the 10 th November, 2008. In some instances Audit Reports have been filed in Old Form-704 after the 10 th November, 2008. It is clarified that these reports will be treated as valid. This concession is applicable only for the audit report upto the year 2007-08.
The Reports filed in the new form will also be valid.