Voluntary deposit of rs. 25000/- u
This query is : Resolved
Jatin Koradia
(Querist)
21 January 2013
Dear Sir
New dealer has voluntarily deposited Rs. 25000 under MVAT registration.
Now, can dealer set off this against the MVAT tax liability due in the first year or not ?
Please quote relevant circular reference for above.
Regards
Jatin Koradia
New dealer has voluntarily deposited Rs. 25000 under MVAT registration.
Now, can dealer set off this against the MVAT tax liability due in the first year or not ?
Please quote relevant circular reference for above.
Regards
Jatin Koradia
Aditya Maheshwari
(Expert)
21 January 2013
No w. e. f. 01/05/2011 you cannot claim credit of Rs. 25,000/- deposit in the first year itself. See section 16 of MVAT and this link
https://mahavat.gov.in/Mahavat/MyFold/DOWNLOADS/NOTIFICATIONS/KNOW_NOTIFI_MVAT/KNOW_NOTIFI_MVAT_04_13_11_1_24_13PM.pdf
https://mahavat.gov.in/Mahavat/MyFold/DOWNLOADS/NOTIFICATIONS/KNOW_NOTIFI_MVAT/KNOW_NOTIFI_MVAT_04_13_11_1_24_13PM.pdf
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