Adjustmant of rufund of 2007-08 in year 2008-09 under MVAT
This query is : Resolved
Amit N. Agrawal
(Querist)
22 May 2008
wheather Adjustmant of rufund of 2007-08 in year 2008-09 is permissible under MVAT Act
if yes pls provide Trade Circular no. for reference.....
if yes pls provide Trade Circular no. for reference.....
CA Hemant T Dewani
(Expert)
23 May 2008
if there is input vat is greater then output vat then you carryforward the same to next year if you are apply for refund then it will not carry forward
Amit N. Agrawal
(Querist)
23 May 2008
But as per sec 51 & 52 i have to claim refund of excess credit in the last return and not allowed to c/f. the same to subsequent year.............
Nilesh Damji Chheda
(Expert)
26 May 2008
hi amit!
Refund, if any, under the MVAT has to be claimed in the same year . it is not allowed to be carried forward for set off in next year. however the same was allowed by the comm. of sales tax for FY 05-06 & 06 -07 but it is not allowed for the year 07-08.
Refund, if any, under the MVAT has to be claimed in the same year . it is not allowed to be carried forward for set off in next year. however the same was allowed by the comm. of sales tax for FY 05-06 & 06 -07 but it is not allowed for the year 07-08.
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