VAT Payable

Others 2773 views 6 replies

Shruthi

PCC Student

111 Points Joined June 2011

Eg. if VAT paid on Input Purchases(i.e., your asset) available - Rs.150

if VAT payable on sale(i.e., your liability) amounts to - Rs.175

Now excess payable (excess liability) will come to Rs.25 which is to be paid in cash according to act.

My question on the above is if such Rs.25 to be paid in cash in the current year itself or can be carried forward to next year and can be set off subsequently when we get VAT Input credit in the next year.

Replies (6)

ashish gupta

student

1922 Points Joined May 2008

VAT liabilty cannot be carried over, it has to be paid before filling the return

kamal kishor sen

STUDENT Rajasthan

2156 Points Joined November 2009

Originally posted by : ashish gupta
	VAT liabilty cannot be carried over, it has to be paid before filling the return

AGREED

Shruthi

PCC Student

111 Points Joined June 2011

Thanks.

Can any of you kindly quote the Provision Reference??

RAJU

LEARNER

1089 Points Joined November 2008

Hi,

In all the States, there will be provision regarding `filing of returns & payment of tax`. Provisions will be different in different states. However, all State have provided for payment of tax along with the return.

Prakash T c

Executive

194 Points Joined March 2011

Yes, you can carry forward the vat payable. in all the states. for example: if a delear have due date on 20th of every month.

Originally posted by : Shruthi

Actually If VAT payable in excess of VAT Input Credit i.e., liability still remaining after setting off with available VAT Input Credit can be carried forward as Liability to next year or to be paid in cash in the current year itself..

Eg. if VAT paid on Input Purchases(i.e., your asset) available - Rs.150

if VAT payable on sale(i.e., your liability) amounts to - Rs.175

Now excess payable (excess liability) will come to Rs.25 which is to be paid in cash according to act.

My question on the above is if such Rs.25 to be paid in cash in the current year itself or can be carried forward to next year and can be set off subsequently when we get VAT Input credit in the next year.