Voluntary deposit of rs. 25000/- u

This query is : Resolved 
 

(Querist) 21 January 2013

Dear Sir

New dealer has voluntarily deposited Rs. 25000 under MVAT registration.

Now, can dealer set off this against the MVAT tax liability due in the first year or not ?

Please quote relevant circular reference for above.

Regards
Jatin Koradia


Aditya Maheshwari (Expert) 21 January 2013

No w. e. f. 01/05/2011 you cannot claim credit of Rs. 25,000/- deposit in the first year itself. See section 16 of MVAT and this link
http://mahavat.gov.in/Mahavat/MyFold/DOWNLOADS/NOTIFICATIONS/KNOW_NOTIFI_MVAT/KNOW_NOTIFI_MVAT_04_13_11_1_24_13PM.pdf



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