VAT REFUND

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2010 IS IT MANDATORY TO CLAIM VAT REFUND BY FILLING FORM 501 IN CASE OF VAT REFUND.

IN CASE IT HAS NOT BEEN CLAIMED , WHETHER IT WILL BE ALLLOWED AT THE TIME OF ASSESSMENT / BUSINESS AUDIT .

CA Deepak P. Agrawal

CA Deepak P. Agrawal (Expert)
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14 April 2010 Form 501 has to be submitted within 3 years of end od assessment year. If not then your claim shall not stand.
Regards

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2010 can you please advise me relavant sections

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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03 August 2025 Here’s a clear answer regarding VAT refund claims and Form 501 (based on typical VAT laws and practices around 2010):
Is it mandatory to claim VAT refund by filing Form 501?
Yes, in most states (like Maharashtra), Form 501 is the prescribed application form to claim VAT refund.
The refund claim must be made within a specified time limit, usually within 3 years from the end of the relevant assessment year.
Filing Form 501 officially initiates the refund process with the VAT department.
What if the refund was not claimed by filing Form 501?
If Form 501 is not filed within the stipulated time, refund claims are generally disallowed later.
Claims made during assessment or audit without prior filing of Form 501 are usually rejected.
The form and timely application are essential procedural requirements.
Relevant Sections (typically in Maharashtra VAT Act 2002):
Section 37(3): Specifies refund claims procedure and time limits.
Section 45: Deals with refund of excess tax paid.
Rules under the VAT Act: Often prescribe Form 501 and timelines for claiming refunds.
Summary
Point Requirement
Refund Claim Form Form 501 (application for refund)
Time Limit for Filing Within 3 years from end of assessment year
Refund Claim Without Form Usually not allowed during audit or assessment
Legal Basis Sections 37(3), 45 of VAT Act (state-specific)

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