30 March 2009
ALMOST ALL OUR SALES ARE INTERSTATE AND THE PURCHASES-NEARLY 60% ARE MADE LOCALLY. SINCE OUR INPUTS ATTRACT 4%/12.50% VAT WE ARE INVARIABLY APPLYING FOR A REFUND. THE CST IS TO BE PHASED OUT IN ANOTHER TWO YEARS. AND IN SUCH A SCENERIO THE ENTIRE AMOUNT OF VAT PAID BY US IS ELIGIBLE FOR REFUND AS CENTRAL SALES WILL BE ZERO RATED. IS MY ASSUMPTION CORRECT?
01 April 2009
yes: your assumption is correct, to claim your input tax refund you have to be mentioned in vat 100 retunrs for refund and you have submit all the relavant statutory declartion like c forms etc. and after you will get notice from the department to show your books of accounts under vat Audit rules and after your books of accounts get audited by the department and on recipt of your Statutory declaration, you will get the refund cheque from the vat department.
CAclubindia
