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By this Notification, MVAT Rules, 2005 have been amended on the following aspects to be effective from 1-4-2012:
(i) Deemed dealer
Deemed dealers whose tax liability during the previous year was Rs.1 crore or less subject to permission of joint commissioner were filing yearly return. Now they will be required to upload returns on six-monthly basis within 30 days from the end of the six-monthly period and required to furnish details for the entire year in Annexure J1, J2 that is party-wise sales & purchases and Annexure C & D that is TDS Certificates received and issued, within 90 days from the end of the financial year along with 2nd half-yearly return.
(ii) Dealers not covered under Mvat Audit
Dealers not covered under Mvat audit are now required to furnish annual details in Annexure JI & J2 that is party-wise sales & purchase and Annexure G, H & I that is for declaration forms received and not received along with last monthly, quarterly or six-monthly returns within 90 days from the end of the financial year. These details are also required to be furnished for the first year of registration and last year, that is, year in which RC is cancelled where Mvat audit is not applicable.
All the dealers covered under these amendments will be required to make payment of tax within 21 days in case of monthly or quarterly returns and within 30 days in case dealers are required to file returns on half-yearly basis.
