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Carry forward of excess mvat 2012-13 to 2013-14
Dear All,
I have one of client who has shown refund of Rs.190,000/- in his original return for the period of Mar' 2012. But his consultant has not filed refund application within time.
My question is can I revise return from March 2012 to the date now and carry forward the amount for utilisation against his liability. He has filed all his return thereafter as NIL. So revise option is available with us.
If it is possible to revise, then next question is can we carry forward entire amount of Rs.190,000/- or only upto Rs.100,000/-.
Thank you
Replies (1)
Although i have little knowledge of mvat, as far as i know, in case of excess mvat credit, one can carry forward and set off the same in the next year, the balance credit if any need to be claimed as refund within 18 months from the end of the year to which the refund relates. In your case, it could have been claimed till September 2013.
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