Very urgent- mvat credit allowed or not ?

759 views 1 replies

Hello everyone,

one of my client started business of buying and selling plywoods in june 2012.

but he has registered himself under MVAT on 28/09/2012.

he has purchased good worth Rs.300000 on which he has paid MVAT of Rs.say 35000/- he sold goods of Rs.100000/- on which he did not collect any MVAT since he did not had any mvat number.

i am confused to how to file his MVAT return for the period april 2012 to september 2012.

1. will iput vat credit of Rs.35000/- be allowed ?

2. should i show any sales or show entire purchases as lying in stock ? 

 

Replies (1)

i.You can avail the credit if you have opted for voluntary registration.

ii. Ypu have to pay Vat out of your pocket showing in the stock and avoiding the tax is wrong practice.

Regards

 

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