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June 2008

Amendments to VAT rule for periodicity of filing of returns under Rule 17 of Maharashtra Value Added Tax Rules 2005 : Trade Circular No. 17T of 2008 dated 5-5-2008.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
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Part A : DIRECT TAXES Part
B : Indirect taxes




M-VAT

7 Amendments to VAT rule for periodicity of
filing of returns under Rule 17 of Maharashtra Value Added Tax Rules 2005 :
Trade Circular No. 17T of 2008 dated 5-5-2008.

The Government by Notification No. VAT/1507/CR 17/Taxation 1
dated 31-10-2007 and No. VAT/1507/CR 94/Taxation 1 dated 14-3-2008 has carried
out certain amendments to Rule 17 of Maharashtra Value Added Tax Rules, 2005
pertaining to the periodicity of filing of return.

 

As per the amendments the periodicity of filing of Returns
for the periods starting on or after 1st April 2008 will be as under :




  • The earlier return forms 221, 222, 223, 224 and 225 have been replaced with
    the new return forms 231,232, 233, 234 and 235, respectively.



  • The dealers whose tax liability in the previous year i.e. 2006-07 was
    equal to or above Rs.1 crore, have to file their return from February 2008
    onwards in electronic form.



  • The dealers whose tax liability in the previous year i.e. 2007-08 was
    equal to or above Rs.10 lakhs, have to file their return for the month of May
    2008 onwards in electronic form.



  • The dealers eligible to file electronic return under MVAT Act Rules should
    file their Central Sales Tax return in Form IIIE electronically.



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