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VAT Carry Forward

Mayur Khetshi Nisar (Practice) (139 Points)

03 September 2009  

Dear All,

Can we carry forward excess credit of MVAT to be adjusted in the next years returns.

 


 4 Replies

BHAGYESH RAVANGE (C.A Job) (1528 Points)
Replied 03 September 2009

Yes you can

N. Prasanth (Student) (31 Points)
Replied 03 September 2009

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.

CA CHINTAN AJMERA (Chartered Accountant) (2987 Points)
Replied 03 September 2009

I Agree with Bhagyesh

Mayur Khetshi Nisar (Practice) (139 Points)
Replied 04 September 2009

can anybody give the relevant circular on the same ?


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