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Vat Credit adjustment against interest payable.

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(Querist)
07 March 2010 Can Vat Credit of quarter 3 be adjusted against interest payable of quarter 4?
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CA Umesh Sharma

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CA Umesh Sharma (Expert)
07 March 2010 Yes,As per Section 50 and rule 55 of the the MVAT Act, 2002,Vat Credit can be adjusted aganist Interest.

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