Input VAT adjustment against VAT payable
This query is : Resolved
santosh dubey
(Querist)
09 March 2009
Sir,
In a school organisation where it is registered with VAT Kindly suggest the following :
As it is a residential school, we procure some material like Uniforms, books, edibles etc. every month. In most of the cases VAT is charged to us. We often issue uniforms OR books to the students and debit them along with the VAT charges. But it is seen that we are not taking credit of the input VAT. i.e. the vat recoverable is not adjusted when we pay the VAT as per schedule. My first query is :
WETHER WE CAN ADJUST THE VAT RECOVERABLE FROM 01.04.08 TO 31.03.09 AGAINST PAYMENT OF VAT FOR THE MONTH OF MARCH? CAN WE RECTIFY THE VAT RETURN TO BE SUBMITTED FOR THE LAST QTR.?
In a school organisation where it is registered with VAT Kindly suggest the following :
As it is a residential school, we procure some material like Uniforms, books, edibles etc. every month. In most of the cases VAT is charged to us. We often issue uniforms OR books to the students and debit them along with the VAT charges. But it is seen that we are not taking credit of the input VAT. i.e. the vat recoverable is not adjusted when we pay the VAT as per schedule. My first query is :
WETHER WE CAN ADJUST THE VAT RECOVERABLE FROM 01.04.08 TO 31.03.09 AGAINST PAYMENT OF VAT FOR THE MONTH OF MARCH? CAN WE RECTIFY THE VAT RETURN TO BE SUBMITTED FOR THE LAST QTR.?
CA. MITHUN KHATRY
(Expert)
09 March 2009
UNDER DELHI VAT YOU CAN ADJUST THE VAT FOR THE PERIOD YOU ARE FILING RETURN.
I.E. IF YOU FILE QUARTERLY RETURN THEN YOU MAY ADJUST VAT INPUT FOR THIS QUARTER ONLY. IF YOU HAVE ALREADY PAID THE TAX THEN YOU MAY CLAIM REFUND FOR THIS QUARTER ONLY.
FOR PREVIOUS TAX PERIODS YOU CANT REVISE THE RETURN. BUT YOU MAY CLAIM REFUND IN DVAT 21 FORM AND ON REJECTION FROM DEPARTMENT YOU MAY FILE OBJECTION IN DVAT-38 FORM AND GET REFUND
I.E. IF YOU FILE QUARTERLY RETURN THEN YOU MAY ADJUST VAT INPUT FOR THIS QUARTER ONLY. IF YOU HAVE ALREADY PAID THE TAX THEN YOU MAY CLAIM REFUND FOR THIS QUARTER ONLY.
FOR PREVIOUS TAX PERIODS YOU CANT REVISE THE RETURN. BUT YOU MAY CLAIM REFUND IN DVAT 21 FORM AND ON REJECTION FROM DEPARTMENT YOU MAY FILE OBJECTION IN DVAT-38 FORM AND GET REFUND
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