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Mahesh (CA Student) (338 Points)
Sir,
If we paid Excess Interest on VAT and if there is VAT libility, then that Excess amount of Interest on VAT can be adjusted against VAT Liability?
No, The Excess amount of Interest on VAT cannot be adjusted against VAT Liability.
Although, VAT ITC can be adjusted against any VAT Liability, CST Liability, Interest, Penalty.
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