Challenges in MVAT Practice Do you face following challenges in MVAT (Maharashtra Value Added Tax) practice?
1) Continuous and unpredictable changes in MVAT ACT.
2) Properly Maintaining Computation Data as per Periodicity of Returns.
3) Maintaining/Remembering Login Passwords for each Dealer and Frequent need of login in MAHAVAT website. (eq. if you have 10 dealers with monthly periodicity 20 dealers with quarterly periodicity and 25 dealers with half yearly periodicity . You need to login to MAHAVAT site (http://www.mahavat.gov.in) at least 250 times a year!!! )
4) Difficulty in Figuring out Tax Liability, Its payments and maintaining details for each transaction under different Challans like MTR6.
5) Complicated computation as per Nature of Business (Classification of Form 231 / 232 /233 /234). Take a example of Works Contract. Determination of Sale Price U/R58, U/R58(1), U/R42(3). Manual calculation of Tax By Purchase Ratio is complicated for Tax Practioners and their Assistants. It has different criteria like Considering Entire Value of Contract, Sub contracts, Land Costs etc. Those formulas and Rules are difficult to handle in many of the softwares and even in manual computation of MVAT in Excel. We have very good solution. Kindly visit out other page http://mvatsoftware.co.in/tax-power.html
6) Choosing Proper Tax Rates as per different commodities.
7) Figuring out proper CST liability and preparing CST Return Form III-E.
8) Complicated MVAT Computation Rules For Different Composition Schemes.
9) Calculating Set-Offs, Reductions and Interests. In Purchase Summery under MVAT Act have different kind of Reduction formulas. Reduction formulas are in variety. (Catered properly in Our Solution https://virajsoftsolutions.com/tax-power-mvat-sw/)
10) Figuring our proper and accurate PTRC / PTE liabilities and their Interests.
11) Validating and e-Filing of Variety of Return Forms and CHALLAN MTR6.
12) Using the same Data in variety of Computations, Consolidations etc.
13) Storing the Returns/Computation data securely till preparation of Audit 704.
14) Preparing Revised Return, and keeping eye on Revised/Original Returns data. Choosing Returns for doing Complicated Consolidation / Validation For Audit.
15) Preparing J1 / J2 from Raw Data and Validating and Submitting with Every Return. (New Change – Implemented in our MVAT Software Tax Power)
16) Checking and Validating TIN Nos. In Annexures.
17) Checking Suspicious TIN Nos./ HAWALA TIN NOS published on
http://www.mahavat.gov.in while preparing annexure J1 and annexure J2. (Situation already handled in our MVAT Software Tax Power
18) Consolidating Returns Data from Original / Revised Returns for Audit 704. 19) Preparing / validating / Filing of different forms like Form 501, 103, 105, 304, 307, 311, 414.
20) Validating and Filing of Returns and Audit Forms on
http://www.mahavat.gov.in of MAHAVAT website.
21) Complicated Rules of Validation and Validating different forms In Validation Tools of
http://www.mahavat.gov.in.
22) Figuring out Pending Returns each Month / Periodicity Wise. 23) Keeping eye on Changes NEWS in Computation / Acts / Rules / Notifications / Trade Circulars / DDQ’s / Notifications / Forms on Mahavat Site.
If you are really facing above challenges, and finding out easy answers on those challenges, kindly visit on site www.mvatsoftware.co.in/ for the Comprehensive Solution.
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