New VAT Audit Form-704, VAT Audit Due Date, Maharashtra Value Added Tax, Audit Report under MVAT, Ebizfiling

Important Parts of New VAT Audit Form – 704 


In the realm of taxation, regular audits play a crucial role in ensuring compliance and transparency. For businesses operating under the Sales Tax Act, it is essential to understand the significant changes brought by the introduction of the new VAT Audit Form – 704. This comprehensive form, introduced under the Maharashtra Value Added Tax Rules, aims to streamline the audit process and enhance the efficiency of tax administration. In this blog, we will delve into the important aspects of the new VAT Audit Form – 704, including the due date, key provisions, and the significance of the audit report under MVAT.

Overview of the New VAT Audit Form – 704

The introduction of the new VAT Audit Form – 704 marks a significant shift in the tax audit system. It is streamlined to gather comprehensive information about a business’s financial transactions, tax liabilities, and compliance status. The form serves as a structured framework to assess the accuracy and completeness of a taxpayer’s VAT records, providing auditors with valuable insights into the company’s tax position.

Key Provisions of the VAT Audit Form – 704

The new VAT Audit Form – 704 encompasses various sections that capture critical aspects of a business’s VAT obligations. These include:


a) Basic Information: This section requires businesses to provide essential details such as their name, address, tax identification number, and financial year under audit.


b) Turnover Details: Here, businesses must disclose their taxable turnover, export turnover, exempt turnover, and turnover liable to the composition scheme, enabling auditors to evaluate the accuracy of VAT calculations.


c) Input Tax Credit (ITC) Reconciliation: This section focuses on reconciling the input tax credit claimed by the business with the supporting documentation. It helps auditors verify the legitimacy and eligibility of Input Tax Credit claims made during the financial year.


d) Compliance with Filing Requirements: Businesses must demonstrate their adherence to filing requirements by providing information related to VAT returns, payment of taxes, and submission of necessary documents.


e) Tax Liability and Payments: This section assesses the taxpayer’s tax liability by considering various components such as output tax, input tax credit, composition tax, and penalties, if any.

VAT Audit Due Date

To ensure timely compliance, businesses need to be aware of the VAT audit due date. As per the regulations, the VAT Audit Form – 704 must be filed within nine months from the end of the financial year to which the audit pertains. This deadline emphasizes the importance of maintaining accurate and up-to-date financial records throughout the year, facilitating a smooth and efficient audit process.

Significance of the Audit Report under MVAT

The audit report generated from the VAT Audit Form – 704 serves as an important document for both businesses and tax authorities. It offers an in-depth analysis of a company’s VAT compliance, identifying areas of potential risk and non-compliance. By conducting a thorough review of the audit report, businesses can gain valuable insights into their tax positions, enabling them to rectify any errors or discrepancies. Additionally, tax authorities can utilize the report to assess a taxpayer’s compliance level, facilitating effective tax administration and enforcement measures.


The introduction of the new VAT Audit Form – 704 signifies a significant step towards enhancing tax transparency and accountability. Businesses must familiarize themselves with the various aspects of this comprehensive form, including the due date, key provisions, and the significance of the audit report under Maharashtra Value Added Tax. By maintaining accurate records and ensuring compliance, businesses can streamline the audit process, minimize potential risks, and contribute to a more efficient tax ecosystem. Staying updated with the evolving tax regulations will enable businesses to navigate the VAT audit landscape and will ensure a seamless tax compliance journey.

About Ebizfiling -

EbizFiling is a concept that emerged with the progressive and intellectual mindset of like-minded people. It aims at delivering the end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad in all the best possible ways.
To know more about our services and for a free consultation, get in touch with our team on or call 9643203209.

Author: pallavi-dadhich

Pallavi is an ambitious English Literature student with a profound knowledge of content writing. Her SEO skills complement her content writing profile. She has a strong interest in expanding her set of skills by reading and learning. She is eager to experiment with creative writing styles while maintaining strong and informational content.

Follow Author

Leave a Reply

Your email address will not be published. Required fields are marked *


  • Client Review, Ebizfiling

    Aditi Doshi

    29 Mar 2018

    They manage Accounting and Book-keeping for my company. I must say the team is really doing a good job.

  • Client Review, Ebizfiling

    Ashish Paliwal

    29 Sep 2018

    Let me be honest and tell you that I did not choose eBiz filing after my initial LLP company registration did to pricing. A lot of companies contact me with better rates so I generally choose them. However, I will still rate eBiz filing 10/10 on work ethics. You guys are professionals in true sense.

  • Client Review, Ebizfiling

    Hemang Malhotra

    08 Oct 2018

    I was new as an Entrepreneur when I had seen their post on social media. I contacted them regarding proprietorship and realized they their pricing is incomparable in the market also their services are really prompt. Thank you, Ebizfiling.

Hi, Welcome to EbizFiling!

Hello there!!! Let us know if you have any Questions.

Thank you for your message.

whatsapp Call Now Button