Due date of filing of Audit Report under rule 66
Rule 66 is amended vide Notification No. VAT 1512/CR-61/Taxation-1 dated 1st June 2012 and As per the amended rule, the report of the audit under section 61 shall be submitted within 8 months from the end of the year to which the report relates. Earlier it was 10 months. It means the due date to file audit report for Financial year 2011-12 is 30th November 2012. This rule deals with procedural aspect of filing of audit report.
The above rule is amended with effect from 01.05.2012.
Extract From Notification No. VAT 1512/CR-61/Taxation-1 dated 1st June 2012
13. In Rule 66 of the principal Rules for the word ‘within ten months’ the word ‘within eight months’ shall be substituted.
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Dear Chinta,
You are liable to MVAT Audit,
because Section 66 of MVAT Act says when your turnover exceed Rs. 60 lakhs is to be mendatory to file Form 704 whether your sales & purchase tax free or taxable.
My client(Pvt ltd company) has turnover of over Rs.1 crore during 2011-12.
However, all his purchase and sales are of tax free goods.
Is company the liable for MVAT audit?