Dear All,
Can we carry forward excess credit of MVAT to be adjusted in the next years returns.
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VAT Carry Forward
Replies (4)
Yes you can
I would disagree with Bhagyesh. If there is an excess setoff in the month of march, it cannot be c/f to next year. Refund has to be claimed in form 501. Excess setoff of any other month can be c/f to the next period.
The relief of c/f was given in the years 2005-06 and 2006-07 through a circular. However no such circulars were issued in the year 2007-08 or further.
I Agree with Bhagyesh
can anybody give the relevant circular on the same ?
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