as per TNVAT act the credit of input tax can be adjusted with tax payables. but in my case we had excess credit even after adjusted the payables. this shell i taken to the next financial year or not.
21 November 2009
yes, as per sub-section(18) of section 19 the excess ITC after adjustment u/sub section (17) can becarried forward to the next year or can be asked for refund
21 November 2009
If you are Continue... in your Business then your credit will be gone to Next year op. input credit otherwise if you are not in any sales afterthan so you can claim excess amount as refund.
CAclubindia
