Excess Credit for Set off
This query is : Resolved
Practicing CA
(Querist)
30 December 2008
In case of Retailers of Drugs & Medicines, if the tax liability on sales is less than the amount of tax paid at the time of purchases, whether the excess credit can be carried forward to next tax period? Whether we have to submit stock statements for the same? Also if for FY 2007-08 the stock statement is not submitted, can we send it now & to whom to send the same?
Please suggest....
Please suggest....
CA Sanjeev Kr Jain
(Expert)
03 January 2009
in delhi if you wish to continue to business it would be advisable to carry forward the input instead of claiming refund unless the refund is expected to be generated in future also
in delhi no stock statement is required to be filed
it is advised since vat is a state matter so pl always mention the name of the state to which the querry relates to
in delhi no stock statement is required to be filed
it is advised since vat is a state matter so pl always mention the name of the state to which the querry relates to
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