If the capital goods goods VAT credit ( 100% )in June 17 - Both for left out for the FY 2016-17 and for purchases made up to June 17 taken in June 17 VAT return was right ?
One view that , VAT credit is to be taken only 50% and the balance to be taken from TRANS1 . If this is correct, what department will do for 100% VAT credit taken?
Whether the department asked to pay interest for 50% credit taken amount from the date of filign VAT return till the date filing TRASN 1? since balance VAT credit is also eligible ?
or the department will ask to pay 50% VAT credit along with interest ? If so assessee has no option to take VAT credit now as the time limit for filing GST Trans 1 already crossed.
I request expert opinion on this subject.
Received Notice from VAT Enforcement Division Rajkot to declare dealings with a list of dealers. I am a registered dealer in Bhuj.
Had purchases in 2014 from one party and declared in reply. Now the are saying that this party has been declared as bogus and asks us to pay Tax+Interest+150% Penalty Voluntarily. If they issue notice passing assessment order Penalty would be 300%.
I have the following Queries
1. Whether they have jurisdiction to demand tax or tax can only be demanded from Bhuj VAT Department.
2. Whether the penalty of 150% & 300% as said by them are correct.
3. Whether they can demand tax for the year 2014 now.
Kindly guide with your opinion.
We have register under MVAT & June 2017 we have Rs.3,77,000/- Input Tax Credit of VAT. By mistake in June 2017 original return we have show it under Refund instead of Carry forward. But in GST Trans-1 We have shows it Carry forward and taken continues duty set off against this ITC.
In past we have not claimed any REFUND ( 501 ) application because we need carry forward this ITC.
Now ( May 2019 ) VAT department send us notice that you have shown this ITC under REFUND so you are not eligible to take credit in Trans-1 . They have charged 24% interest per year and 10% penalty in this Notice.
VAT officer says You can file 501 for Refund which you will receive 6% interest on it. & Pay this ordered amount which charges 24% int.
So please guide in this regards or if any court judgement then please send me.
Seller is demanding outstanding full bill amount from Buyer. Buyer said that he can pay mvat on behalf of seller if Department notice is issued. Seller has suggested that you pay mvat on his behalf and release other payment .
is this neceesary buyer can pay mvat only in case department issue notice for non payment of mvat by seller?
We have received notice from MVAT for non-filing Audit report form no.704 for the FY15-16, but we have not supplying any materials. we provided only for services only. Kindly suggestion me for best way how to close this matter.