27 October 2012
I have vat refund of Rs 230000 in the financial year 2011-12 now this year can i carry forward upto Rs 99000 as I otherwise I will be liable to pay tax and claim refund for the balance amt
28 October 2012
Adjust the refund against your liability and still there is refund then you have claim it within statutory time otherwise it will not accept on line. Kindly note that no refund will be given even if you visit the office several times so the appropriate advise is that adjust the amount is next year but do not forget to file refund claim in time.
29 October 2012
Maharashtra Value Added Tax Act, 2002 prohibits the carry forward of the refund for the return period ending March-2012 of Financial Year to first return of the next Financial Year i.e. 2012-13.
VIDE TRADE CIRCULAR No.VAT /AMD-1012/lB/Adm-8, Date: 21/04/2012 (Cir. No.6T of 2012)Assessee is allowed to carry forward of the refund claim up to rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. Carry forward of refund to subsequent year is restricted up to one lakh only.
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