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Adjustmant of rufund of 2007-08 in year 2008-09 under MVAT

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(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.....
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CA Hemant T Dewani

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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
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Amit N. Agrawal

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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.............
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Nilesh Damji Chheda

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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.
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