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Mvat set-off for urd period

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K P BHANUSHALI

PROPRIETOR

238 Points Posted on 17 January 2013

Friends,

One of my client is reseller in Readymade Garments in Kids Wear Section.

The shop was started, & simultaneously purchases, on 1.11.2012.

Purchases upto 15.11.2012 were Rs. 12,14,842 & VAT paid @ 5% on these purchases was Rs. 60745/-.

Sale started from 14.11.2012 & total sale for 14.11.2012 & 15.11.2012 is Rs. 5,22,792/- (Inclusive of MVAT) and E-Application was made with MVAT on 15.11.2012 itself.

Now, VAT numbers have been alloted on 17.1.2013 with effect from 15.11.2012.

I want to pay MVAT & file quarterly MVAT return for the period from 1.11.2012 to 31.12.2012.

What will be set-off position and URD period calculation ?

T & R

Replies (1)

Guest

Posted on 17 January 2013

The Dealer is eligible to claim setof of tax paid on purchases of goods effected from registered dealer during the URD period also if in stock on date of regn.For clarification read rule 55(1)(a)