Hi,
How many years we can avail the Input credtis of VAT.
Thanks,
Satheesh
sathiyadeepan
(Executive)
(147 Points)
Replied 04 January 2013
| Originally posted by : Satheesh | ||
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Hai Satheesh,
The maximum period for availing the input credit is Sixmonths.
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Sonu Kumar
(Account Manager)
(665 Points)
Replied 06 January 2013
There is no any Time Limit in Bihar....... If You can not Adjust the Input Tax Credit in Same Year then You Can Also Apply for Refund
Roshan Thomas
(C.E.O )
(356 Points)
Replied 06 January 2013
Once you have accounted input tax on purchase it will remain unclaimed only if it forms part of closing stock. However if the tax effect is minor CTO will not usually insist on this addition.
Technically this can be carried forward till stock is sold.
If you forgot to take input credit on a purchase bill then return has to be revised. Depending on state VAT law they allow return revision within 2 months without approval and beyond that with prior approval of Commercial tax office
jafer
(studies)
(194 Points)
Replied 07 January 2013
Hi,
As per white paper para 2. Input vat can be claimed for a period of 2 years. If it cannot be claimed within two years, then, the same can be refunded after two years only, til that two years, the unclaimed amount will be carried forward. Now, the refund procedure differs from state to state. you can get the information from the respective LVO regarding this.
regards,
Jafer
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