EXCESS IN PUT VAT CREDIT
This query is : Resolved
P.S.VISHWANATHAN
(Querist)
16 September 2008
NEARLY 60%OF OUR PURCHASES ARE MADE LOCALLY AND ALMOST ALL OUR SALES ARE INTERSTATE SALES. AS A RESULT,WE ARE NOT ABLE TO ADSORB THE IN PUT VAT CREDIT AGAINST OUR CST LIABILITY.(IN PUT VAT MOSTLY 12.5% WHILE CST IS 2%) SINCE OBTAINING REFUND FROM THE DEPARTMENT IS A CUMBERSOME PROCEDURE,CAN WE WRITE OFF IN PUT VAT AS PURCHASE?
CA. O.P. Agarwalla
(Expert)
16 September 2008
In my opinion, VAT input credit can not be written off against purchases.
Only because obtaining refund from the department is a cumbersome procedure, it should not be written off.
In case your claim of refund is not met by the officials within prescribed time, it is advisable to raise this issue beofre the highest authority.
Only because obtaining refund from the department is a cumbersome procedure, it should not be written off.
In case your claim of refund is not met by the officials within prescribed time, it is advisable to raise this issue beofre the highest authority.
16 September 2008
There is no such provision (writing off input tax credit) in kerala value added tax act, 2003 also.
P.S.VISHWANATHAN
(Querist)
19 September 2008
THANK YOU VERYMUCH FOR YOUR KIND REPLY
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