VAT i.e. Value Added Tax is a tax on sale of goods within the state which is levied by respective state government. In Maharashtra, MVAT Act has replaced the Bombay Sales Tax Act, 1959 w. e. f. 1st April 2005. It is multi stage tax with the provision to allow set off of ‘input tax credit’ paid on purchases.
MVAT is required to be paid to before submission of VAT return as per the return filing frequency. E-payment is mandatory.
Every Dealer registered under Maharashtra VAT has to submit VAT return as per the frequency as displayed on department website. Currently, the return filing frequency can be monthly, quarterly or half-yearly. E-filing of the VAT returns is mandatory in Maharashtra.
Non submission or late submission of VAT returns results into Late Fees, Interest and also Penalty. This all taken together could be substantial amount if returns are not filed or filed late or filed incorrectly on incomplete. Hence, it is advisable to submit the correct and complete MVAT returns on time with the Department.
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