Hi
I would like to know whether we can carry forward excess payment made in March15 and adjust against the subsequent months in current FY. Or whether we have to apply for refund in form 501 or both options are applicable.
thanks
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Mvat refund
Replies (1)
yes u can carry forward excess payment to the next month in same FY.
If u have any excess payment in last VAT return above Rs. 5 Lakh the u have to file form 501 for compulsory refund.
If below Rs 5 Lakh then u can carry forward to next FY.
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