15 July 2011
i am filling monthly A-1 return regularly under TNVAT Act. I am selling the sold goods against form H only and claimed the input against local purchases regularly.So always i am having excess credit only and carried forward the credit regularly.i have not filled form w sofar since i donot need the refund and i want to adjust the excess credit against my local taxable sales in future.whether my view is correct or not somethem threatned me that you can claim the excess credit only by filling Form W . advise me to my email id saranaudit@yahoo.com
17 July 2011
Mr.Saravanan, When you buy any goods by paying local taxes and sell them against form H,naturally excess input tax credit arises.Whether you ask for refund or adjust it against any other payments is one-and-the-same.So you can deduct such excess input tax while making tax payments on other local sales. MJK
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