01 June 2010
In form 501(form for vat refund) we can claim vat refund for the period starting from 01/04/06 & not prior to it. But ABC Co has vat refund of Rs.17000/- in 2005-06 & this refund is brought forward & adjusted with VAT LIABILITY of 2006-07 & VAT Refund of 2006-07 is brought forward & adjusted with VAT LIABILITY of 2007-08. In 2007-08 there is VAT REFUND of 130000/- after adjusting refunds from 2005-06. So how one can claim refund in Form 501 as it mentions condition of period to be started from 01-04-2006. Kindly help to solve the query.
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