Meet Mody (Student) (112 Points)
23 October 2013is there a way by which a sole trader can claim the set of of MVAT paid by him for purchase of goods prior to the date on which the sole trader himself got registered under MVAT Act. (the goods purchased prior to his registration were held in stock with him as on the date of registraion)
thanks in advance
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 26 October 2013
Set off on taxes paid before registration on purchases,but after 1st April,of that financial year,held in stock at the time of registration,maintained correct and verifiable account,or consumed in manufacture fo goods which were not sold at the time of registration,and subject to other related rules of set-off.,is avilable.It can be used for adjustment and also for refund,see rule 55(1) for details....mjk...
CAclubindia
