VAT Trade Cir - Permission to Submit Audit Report in Old Form-704

TRADE CIRCULAR
To
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No.VAT/ AMD-1008/IB/ADM-06 Mumbai Dt : 18.12.2008
Trade Cir.41 T of 2008
Sub: Submission of Audit Report in New Form-704.
Ref.: 1. Government Notification No. VAT-1508/C.R.-69/ Taxation-1 dated 10th November, 2008.
2. Trade Circular 39 T of 2008 No. VAT/ AMD-1008/IB/ADM-06 dated 15th November, 2008.
Gentlemen/Sir/Madam,
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 date will not be extended in any circumstances.
2. The existing Form-704 was replaced by the New Form-704 which was 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. In the circumstances the request is accepted. Accordingly Audit Report in the Old Form-704 in respect of the year 2007-08 will be accepted even after the 10th November, 2008.
3. In some instances Audit Reports have been filed in Old Form-704 after the 10th November, 2008. It is clarified that these reports will be treated as valid.
4. In many instances, Audit Reports have been filed in the new Form-704 after 10th Nov.2008. These are of course valid reports. Further, any report in the New Form-704 received after the issue of this Trade Circular will of course be valid.
5. The concession given under this Trade Circular is applicable only for the audit report up to the year 2007-08.
6. This circular cannot be made use of for legal interpretation of provisions of law, as it is clarificatory in nature. If any member of the trade has any doubt, he may refer the matter to this office for further clarification.
7. You are requested to bring the contents of this circular to the notice of all the members of your association.
Yours faithfully,

(Sanjay Bhatia)
Commissioner of Sales Tax
Maharashtra State, Mumbai.