Input tax credit
This query is : Resolved
27 April 2009
Dear Friends,
we have 2 products - one product is exempted from vat and other carries 4% vat.
the item with 4% vat is in closing stock because of lack of demand....
i dont want to claim refund...but to take it forward the input credit in current financial year so that i can claim set off in this financial year ....can i do so...
or is it mandatory to claim refund at the end of the year.
we have 2 products - one product is exempted from vat and other carries 4% vat.
the item with 4% vat is in closing stock because of lack of demand....
i dont want to claim refund...but to take it forward the input credit in current financial year so that i can claim set off in this financial year ....can i do so...
or is it mandatory to claim refund at the end of the year.
Nilesh Damji Chheda
(Expert)
03 May 2009
Dear Deepa
As pe the Act,u can carry forward the refund from one period to another period in same financial year. however, it is mandatory to claim refund, if any, at the end of the financial year
As pe the Act,u can carry forward the refund from one period to another period in same financial year. however, it is mandatory to claim refund, if any, at the end of the financial year
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