Refund of vat

entitled for credit surely but for refund i m not sure abt maharashtra VAT ?

Dear Yashsr

VAT is VALUE ADDED TAX . In the current case the dealer is selling at a loss . 

So the Vat collected will always be less than the Vat paid .

However , the dealer will be entitled to be refund of Rs. 3,000 in MVAT Act , 2002

You will get refund under Maharashtra VAT Act for the differential amount ie Input - Output Tax. As per Notification issued by the Maharashtra CTD, up to 1 lac rupees Credit as on 31/03/2012 can be carried forward to next year, but if refund exceeds 1 lacs rupees, you should go refund, but you should file E501 and E 704.