hi freinds,
the company has no input tax , therefore it has to settle its vat liability in cash. now in the March 2010 the vat liability was 9 lac & it deposited 10 lac. can this excess of 1 lac with the department be adjusted with Output vat april 2011.
or it has to be adjusted at the time of assesment of VAT.
PLZ Reply.
Dear friend, You cannot adjust the tax paid in advance with the next year's tax liability but you can adjust the excess payment of tax in the same year.After VAT Assessment for the year you can claim for refund of 100000/-
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