One of our clients has made an excess payment of MVAT in Q4 FY 2013-14 of Rs. 14,00,000. We realised that now. Can we set-off that amount against liability of Q1 FY 2014-15, if yes, how much can we set off Rs. 1 Lakh or 5 Lakh? or will we have to claim a refund in Form 501 ? Please reply as early as possible. Thank you. Saloni
2 Replies
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 26 July 2014
Dear sdp 22
Carry forward the excess payment into Q 1 of next year.
You can claim refund in form 501 for the amount arising as refund in the VAT AUDIT FORM.
File form 501 after filing VAT Audit report
Sdp 22
(CA)
(80 Points)
Replied 26 July 2014
Thank you harshal for your prompt reply. Can you tell me the maximum amount that can be carried forward? With relevant provisions of MVAT act?
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