8th floor, Vikrikar Bhavan,
Mazgaon, Mumbai-400010.
To
…………………………
No.VAT/MMB-1006/164/Adm/3 Mumbai, Dt.15th Jan 2007
Trade Cir. No. 5 T of 2007
Sub: Statement of closing stock as on 31st March 2005.
Ref: Amendment to Rule 51 of MVAT Rules, 2005., Dt. 8.9.2006.
Gentlemen/Sir/Madam,
Notification has been issued under section 84 of the Maharashtra Value Added Tax Act, 2002 to declare stocks held on 31.3.2005. Dealers have filed statement of closing stock of goods and capital assets as at close of business on 31.3.2005 pursuant to this notification. However, the rule regarding set-off in respect of purchases held in stock, namely rule 51 of Maharashtra Value Added Tax Rules, 2005 has been amended w.e.f. 8.9.2006. As a result of the said amendment, some dealers have become eligible for set off but either they have not claimed set off while filing closing stock statement or they have not filed statement as they are not eligible for set-off prior to the aforesaid amendment.
2. In this respect, it is clarified that, as a result of amendment to rule 51 of MVAT Rules, 2005;
a) the dealers who need to revise the stock statement filed earlier;
b) the dealers who have not filed stock statement as they were not eligible as on 01.04.2005 and now have become eligible for set off due to the amendment;
may revise the stock statement filed earlier or file a stock statement abinitio alongwith the revised return, as the case may be, on or before 28.02.2007.
3. 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.
4. You are requested to bring the contents of this circular to the notice of the members of your association.
Yours faithfully,
(B. C. Khatua)
Commissioner of Sales Tax,
Maharashtra State, Mumbai.