How do I submit a VAT return?

How do I submit a VAT return?

How to File VAT Return Online?

1. Step 1: Log in. Log in to the online portal of the Directorate of Commercial Taxes for your state.
2. Step 2: Password Change.
3. Step 3: Form 14D.
4. Step 4: Complete the Form.
5. Step 5:Generating XML.
6. Step 6:Upload.
7. Step 7:Correct Mistakes If Any.
8. Step 8: Acknowledgement.

Is VAT applicable in Maharashtra?

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

How do I revise my VAT return in Maharashtra?

(a) A dealer will be able to file revised returns.
…
Follow the path given below:

1. go to MSTD Web-site www.mahavat.gov.in go to “Dealer Services”
2. Click on ”New automation”
3. click on “Return”

How can I get my VAT deposit back in Maharashtra?

Following list of documents for MVAT Security Deposit Refund Application

1. Vat certificate.
2. Cancelled Cheque.
3. Deposit slip or the bank statement page containing vat payments of 25000/-
4. Form A – registration filing form.
5. Application letter.
6. Authority letter Form 709.
7. Other such documents officer may demand.

What is the due date for filing VAT return?

The due date for the submission of your VAT return and to make any payment due is one month and seven days after the end of the VAT period. In this example, the return must be submitted and payment made by 7 May.

Can you submit VAT returns monthly?

Monthly returns

If making payments on account and submitting quarterly VAT returns does not suit your business you can choose to make VAT returns and payments monthly. To make the change to monthly returns you can either: apply online to change your registration details.

What is the turnover limit for VAT audit in Maharashtra?

Background: A dealer, whose “turnover” in a year exceeds Rs. 1 crore is liable to file audit report in form e-704, irrespective of the tax liability.

What is tin number Maharashtra?

TIN is a unique identification number required for every business enterprise registered under VAT. A TIN typically contains 11 characters and is provided by the IT department to all the business entities willing to register under VAT or CST.

What is the penalty for late VAT return?

31 days or more overdue
You will receive a first penalty calculated at 2% on the VAT you owe at day 15 plus 2% on the VAT you owe at day 30. You will receive a second penalty calculated at a daily rate of 4% per year for the duration of the outstanding balance.

Can you claim VAT on deposit?

You must declare VAT on the deposit when you receive it, or when you issue a VAT invoice, whichever happens first. If you keep a deposit if your customer decides not to take up the goods or service, VAT remains due on the money you have received.

Is VAT payable on a refundable deposit?

Note that VAT is not due on returnable security deposits such as breakages deposits on holiday accommodation. What if the sale is cancelled? If the sale is cancelled before the goods or services are delivered the business may refund the deposit to the customer and reverse the VAT accounted for on it.

Can I submit my VAT return monthly?

What happens if VAT return is late?

If you don’t take this written warning seriously enough and end up filing your VAT return late again, you will be punished with a year-long probation known as the VAT return surcharge period. Failure to meet any HMRC deadlines during this probationary period will result in you accruing fines.

What are the VAT return dates?

Due dates for your advance sales tax return and sales tax payment: Quarter 1 (January to March): April 30, or May 7 for electronic payments. Quarter 2 (April to June): July 31, or August 7 for electronic payments. Quarter 3 (July to September): October 31, or November 7 for electronic payments.

What is turnover limit for VAT audit?

Rupees 1 Crore
As per the KVAT Act 2003, a dealer is liable for a VAT audit when his turnover exceeds Rupees 1 Crore in a financial year.

How do I file a VAT audit report?

1. A facility to upload of Audit Report in Form e704 has been made available on website www.mahagst.gov.in to the dealers who are eligible to file such audit report as per the provisions of Section 61 of MVAT Act, 2002 read with Rule 66 of MVAT Rules, 2005.

Is TIN and Tan same?

Both TAN and TIN are tax identification numbers. However, while the Taxpayer Identification Number (TIN) is beneficial for both the state and the entity, the Tax Deduction and Collection Account Number (TAN) is assigned to companies and financial institutions.

Is TIN and GST same?

GST has now replaced TIN or VAT from 1st July 2017. All entities who had VAT or TIN registration are mandatorily required to obtain GST registration.

How long does a VAT return take?

How long it takes. Repayments are usually made within 30 days of HMRC getting your VAT Return. Your repayment will go direct to your bank account if HMRC has your bank details. Otherwise HMRC will send you a cheque (also known as a ‘payable order’).

Can I submit my VAT return late?

Penalties for missing VAT submission and payment deadlines are called surcharges. They are worked out as a percentage of your tax bill for the accounting period deadline you missed. You owe this fine on top of your VAT bill. The percentage increases the more defaults you get during a 12 month surcharge period.

Can you do monthly VAT returns?

The standard return period is three months, but monthly returns are normally allowed for regular repayment traders. A business may be compulsorily directed to submit monthly or annual returns where it is considered necessary to protect the revenue.

What are the current VAT rates?

Current VAT rates

What is the VAT return deadline?

VAT Return deadline
Your VAT Return is due once a year, 2 months after the end of your accounting period. Most businesses now need to keep digital VAT records and use software to submit VAT Returns.

What is the last date for VAT return?

If you pay your VAT monthly or quarterly, the deadline for submitting your return and paying any VAT you owe is one calendar month and seven days after the end of the VAT period.

What are the VAT periods?

There are 12 months in your VAT accounting period. Your VAT Return is due once a year, 2 months after the end of your accounting period. Most businesses now need to keep digital VAT records and use software to submit VAT Returns.