If a dealer has sold his goods in the month of March, 2017 in the Vat regime, by levying 6% Vat in the invoice, but the Purchaser paid to him the invoice amount with only 5 % Vat by legal changes in the rate at that time.
the dealer paid 6% Vat to govt.
In short, the dealer Collected 5% Vat & paid 6% Vat to the government.
can he claim refund of credit in form Trans 1 ?
and if yes, under which table ???
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Trans 1 (Query)
Replies (4)
refund in tran-1 can be claimed only if the credit of input Vat had been carried forwarded in the return.
By the question I understand that such amount is not carried forwarded in the return and hence the same cannot be claimed as transitional credit in Tran-1
By the question I understand that such amount is not carried forwarded in the return and hence the same cannot be claimed as transitional credit in Tran-1
But He has shown in the Vat return, the amount with 6 % instead of 5 %.
and is paid from the customer with 5% amount
and is paid from the customer with 5% amount
he needs to revise the return for the month of March 17 and has to claim refund of the same under the VAT laws
Ok, Thank you sir
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