MVAT REFUND

MY COMPANY IS NEWLY REGISTERED COMPANY (PROPRIETORSHIP)

COMPANY REGISTERED IN THE MONTH OF JAN 2009.

MY TURNOVER IS LESS THEN RS 40,00,000/-

I HEARED THAT NEWLY REGISTERED COMPANY CAN TAKE PROVISION FOR  MVAT REFUND WITHIN SIX  MONTH,

IF YES THEN WHAT IS PROCEDURE FOR  PROVISION FOR REFUND.

PLEASE PROVIDE SOLUTION AS SOON AS POSSIBLE ,

THANX IN ADVANCE

 

 

Replies (1)

1. file application in form 501 duly filled and signed along with necessary documents to the refund/return section of mvat

2. Information required is

    a. details of vat returns filed along with payment details

    b. List of Sales against Forms C/F/H forms etc. Refund to the extent of differential tax liablity for which forms not received will be held up.

    c. Details of VAT Input tax credit claim in last Return i.e. march 2009 must be reconciled with yout total vat working and reconciled with books of accounts

    d. List of Suppliers and information as prescribed in form 501 in CD format as well as paper format.

    e. As yours in new unit, you will  not be entitled for VAT Voluntarily Refund Scheme by providing bank gurantee

 

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