We are registered as manufacturer in Gujarat with Commercial Tax Department. We were involved in Domestic sales & Exports since last four years. However domestic sales has been on substantially lower side over a period of last two years. Due to this unutilised VAT credit of inputs has been carried forward in our VAT Return since last two years for a huge amount. Now with the introduction of GST what should be done with this credit. Will this credit be allowed to be carried forward from VAT to GST? Is it possible to claim refund of this VAT credit? If refund can be claimed what is the time limit for claiming any such refund? Further can be refund be claimed even if assessment for VAT has been completed for a particular year?
Menu
Carry forward of vat credit on exports
Replies (1)
That's a good question and would be relevant to many exporters.
I think the safest thing to do would be to claim refund of excess credit in the last VAT return (June 2017).
Assessment of previous years won't affect this. EXAMPLE : Once u carried fwd excess credit from FY 15-16 to FY 16-17, the assessment of FY 15-16 won't affect the FY 16-17 return.
Recent Topics :
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
- TDS on rent paid to RNOR Landlord. Can RNOR US tax
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
Related Topics :
CAclubindia
