Vat
This query is : Resolved
PRANIT DALVI
(Querist)
03 August 2012
My Puchase (Input VAT) till 31st March is 30000 and i got my VAT NO on 18/05/2012. so in Financial Year 2011 - 2012 i have 30000 Input Vat and No output VAT
So will i get refund of 30000 or Setoff in next Financial Year.
Please reply me....
So will i get refund of 30000 or Setoff in next Financial Year.
Please reply me....
RENGARAJ R.K
(Expert)
03 August 2012
Normally, refund will not be given on account of any excess ITC. This facility is given only for exporters/SEZ etc.,
The excess of input tax can be carried forward to next year and can be adjusted/set off in the output tax due in the next year.
The excess of input tax can be carried forward to next year and can be adjusted/set off in the output tax due in the next year.
PRANIT DALVI
(Querist)
06 August 2012
Thank You Sir
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