Mvat - subcontractors deduction

Dear All,

I have a quiery.

Our Company is filing MVAT Return after considering Sub-Contractors Deduction u/r 58. However, in FY 2012-13, we may have a situation wherin the Purchases (our Sub-contractor) Amount could be more than our Sales Bill. Considering the same, and form 407 & 408 receivable from our sub-contractor shall consist of the full amount of Purchase / contract completed by them in the said FY, can we deduct the balance unadjusted  Sub-contractors Amount with the Sales bills raised in  FY 13-14.

regards.

 

Replies (1)

 Mr Isaac,

  If ,by your returns, any tax has been paid in excess, it should be refunded at the end of an year or adjusted to any other amount due within that year. I think it can not be carried forward to the next year, as per MVAT Act.......However please wait for opinion of other experts also.........mjk

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