Mvat set-off for urd period

K P BHANUSHALI (PROPRIETOR) (561 Points)

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