Ours is the small scale industry we taking input credit, but we are not able to use 100% of amount to take input as 75% of sales were to interstate. Hence kindly help me how to claim the unused input amount.
Thanks in advance.
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Tnvat
Replies (2)
The unused input credit can be used next year .
You cannot claim a refund as such.You can only set off against vat payable
Please refer tnvat act section
(17) If the input tax credit determined by the assessing authority for a year exceeds tax liability
for that year, the excess may be adjusted against any outstanding tax due from the dealer.
(18) The excess input tax credit, if any, after adjustment under sub-section (17), shall be carried
forward to the next year or refunded, in the manner, as may be prescribed.
It is clearly mentioned that after adjustment, the excess ITC will be refunded. Therefore, pleae contact your cto office for refund.
rengaraj r.k
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