Vat

This query is : Resolved

PRANIT DALVI (Querist)
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03 August 2012 My Puchase (Input VAT) till 31st March is 30000 and i got my VAT NO on 18/05/2012. so in Financial Year 2011 - 2012 i have 30000 Input Vat and No output VAT

So will i get refund of 30000 or Setoff in next Financial Year.

Please reply me....

RENGARAJ R.K

RENGARAJ R.K (Expert)
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03 August 2012 Normally, refund will not be given on account of any excess ITC. This facility is given only for exporters/SEZ etc.,

The excess of input tax can be carried forward to next year and can be adjusted/set off in the output tax due in the next year.

PRANIT DALVI

PRANIT DALVI (Querist)
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06 August 2012 Thank You Sir

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