PLEASE TELL ME WEATHER SECURITY DEPOSIT PAID(RS. 25000/-) AT THEE TIME OF VAT REGISTRATION UNDER WEST BENGAL VAT ACT CAN BE SET-OFF AGST. FUTURE OUTPUT VAT LIABILITY.IF IT IS ELIGIBLE FOR SET-OFF THEN WATS THE TIME LIMIT.
16 March 2013
As per our practical experience.. the security deposit could be adjusted against / claimed against the VAT tax payable only at the time of permanent closure of the business in the last return filed and not before.
CAclubindia
