Hello Sir / Madam,
I want to know If we had paid VAT on Purchases and setoff for the same is claimed in
VAT Return, but we had not yet made any sales for the same material.
So Is it any refund provision in MVAT Rules or we have to carry forward VAT on purchases.
And if we have to carry forward then for how much years or months??
Thanks,
GOPAL MENGHANI
Dear Gopal,
vide Trade Circular No.6T of 2012 you can Carry forward unutilised MVAT credit upto Rsl 1 Lakh. If the credit is above Rs. 1 Lakh, you need to go for refund.
N N V Satish & Co.,
Hyderabad
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