We have paid the Secrity deposit of Rs.25000/- at the time of vat registration ( IN VOLUNTORY REGISTRATION in JAN-09 ) same is adjustable against vat payable, Now as we are having payment of Rs.5000/- up to march-09, what we sholud do, claim refund of Rs.20,000/- in march-09's return or still we can avail the credit of rs 20,000/- in next quter. as it is not input credit it is just security deposit.
please help me in this regards, thanks in advance.
Dear Aim,
First of all you will surrender the registration. then you can take refund. please write me your full problem. my email id is sachinagarwalcallb @ gmail.com
1. MVAT Sec 16(2) provides that whenever dealer deposits 25000/- , it will be treated as advance towards tax payable..
The section read as under
"Provided that, in the case of an application made by a person who voluntarily desires to get registered, the certificate of registration shall not be granted unless the applicant has deposited an amount of Rs.25,000/- in the Government Treasury as advance towards the tax, interest or penalty, if any, that may become due. The amount so deposited may be adjusted against the tax payable according to the return required to be filed in the year in which the registration is granted or in the succeeding year. The amount of deposit in excess of the amount due from him, by way of tax, interest or penalty, if any, shall be refunded as provided in section 50 or, as the case may be, section 51.
2. Thus you can adjust the balance amount agaianst next year liablity
thanks banwat .
can we claim refund of Rs. 5000/- Paid at the time of registration as deposit.
if yes then what is the procedure.
We have paid the Secrity deposit of Rs.25000/- at the time of vat registration, same is adjustable against vat payable, i had adjusted all the above amount in vat payable, but still i got a notice from sales tax that paid Rs. 25000/- & all amount of other returns which is adjusted in security deposit, please help me what should i do, should i give a letter to sales tax dept. for adjustment of Advance tax? if yes please send me the letter format.
thanks in advance.
Ganesh
Accountant
As per sec. 60A after 31st May,11 security deposit cannt be adjusted against sales tax liability bt refund of full amount 25000 can be claimed by cancellation of certificate after 36 months from the month of registration.
We have paid the Security deposit of Rs.25000/- at the time of vat registration, same is adjustable against vat payable, i had adjusted all the above amount in vat payable, but still i got a notice from sales tax that paid Rs. 25000/- & all amount of other returns which is adjusted in security deposit, please help me what should i do, should i give a letter to sales tax dept. for adjustment of Advance tax? if yes please send me the letter format.
We have paid the Secrity deposit of Rs.25000/- at the time of vat registration, same is adjustable against vat payable, i had adjusted all the above amount in vat payable, but still i got a notice from sales tax that paid Rs. 25000/- & all amount of other returns which is adjusted in security deposit, please help me what should i do, should i give a letter to sales tax dept. for adjustment of Advance tax? if yes please send me the letter format.
Dear Sir,
I am surrundering my VAT Registration, can you please help me, what step i can take for claiming refund of deposit.
send me letter format of vat deposit refund
Hi
i paid rs 25000 as vat deposit for f .y 11-12.
I applied for refund after 4 yrs. They have rejected the application. Pl advise
format letter for vat refund amount 25000/-
CAclubindia
