St on amount refund

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2011 Our company is engaged in business of Property Developement. During the month of July.2011 we received an advance of Rs.10,00,000/- towards advance for booking for one apartment, we paid VAT and ST agst same to govt. Oct.2011 same booking cancelled by customer and we are ready to refund the amount.

My doubt is Whether we can reimburse VAT and ST to client. How we can refund the same from Dept.

Please advise me

Krishna Mohan

Krishna Mohan (Expert)
Follow

04 November 2011 You can adjust the ST paid towards your other ST liability as there is no one to one correlation in ST. Hence, you can refund the amount to the customer.

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2011 We have Input credit under VAT & ST . Whether we have to revise returns for that particular period or we have to reverse the same in Oct.2011 period return.

Upgrade to CAclubindia Pro. Subscribe Now!

Krishna Mohan

Krishna Mohan (Expert)
Follow

04 November 2011 Yeah; file a revise return and carry forward the tax paid to be adjusted towards future months' service tax payments.

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2011 Thanks..........