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.
CAclubindia
