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EXCESS INPUT CREDIT BROUGHT FORWARD

BHAVESH JANGID (5 Points)

15 May 2021

WHAT IS EXCESS INPUT CREDIT BROUGHT FORWARD IN VAT RETURN FILE

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 15 May 2021

The High Court of Madras held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax liability for the subsequent period.

The single-judge bench of Justice C. Sarvanan held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax liability for the subsequent period.

BHAVESH JANGID (5 Points)
Replied 15 May 2021

can be refund of excess Input Tax Credit (ITC) before registration ?

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 16 May 2021

No it's impossible

BHAVESH JANGID (5 Points)
Replied 16 May 2021

some purchases before registration date and other one after registration date and our vat registration date is 26 April ,vat effective date is 1 July 2021. which bills are vat reclaimable?