Sir,
If we paid Excess Interest on VAT and if there is VAT libility, then that Excess amount of Interest on VAT can be adjusted against VAT Liability?
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Excess payment of intt on vat tobe adjusted with vat lia.
Replies (1)
No, The Excess amount of Interest on VAT cannot be adjusted against VAT Liability.
Although, VAT ITC can be adjusted against any VAT Liability, CST Liability, Interest, Penalty.
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