aishwarya s raghavan (student) (224 Points)
04 April 2013Dear All
Please help me with this query. The company procures and sells goods within Maharashtra.
The query is: Is there any time limit within which the input credit on goods purchased within the state should be utilised against the goods sold in maharashtra?
Please clarify with appropriate rules or notifications.
Thanks in Advance!
Deepak Dargad
(Chartered Accountant....)
(9787 Points)
Replied 04 April 2013
No There is no any time limit for credit...........but you should take credit within that Financial year
aishwarya s raghavan
(student)
(224 Points)
Replied 04 April 2013
Dear Deepak!
If you say the input credit should be claimed in the same financial year that again becomes time bound na?
Also, say suppose, I have excess credit at at the time of filing return in March, do you mean to say I cant carry forward that excess credit to next year?
Please substantiate with the relevant rules.
Deepak Dargad
(Chartered Accountant....)
(9787 Points)
Replied 04 April 2013
Ya you Cant Carry Forward For next year , you Can claim that as a refund in last return
I
aishwarya s raghavan
(student)
(224 Points)
Replied 04 April 2013
Deepak!
Can you quote the relevant rule?
Deepak Dargad
(Chartered Accountant....)
(9787 Points)
Replied 04 April 2013
TRADE CIRCULAR No.VAT /AMD-1012/lB/Adm-8, Date: 21/04/2012
Trade Cir. No.6T of 2012
Sub: Carry forward of the refund upto Rs. 1 lakh for the financial year 2011-12 to the F.Y. 2012-13
Ref:
(1) Trade Circular No.15T of 2010 dated 15.4.2010.
(2) Trade circular No.6T of 2011 dated 15.4.2011.
Gentlemen/Sir/Madam,
You are aware that the sub-section (2) of section 50 of the Maharashtra Value Added Tax Act, 2002 prohibits the carry forward of the refund for the return period ending March-2012 of Financial Year to first return of the next Financial Year i.e. 2012-13.
2. In view of the difficulties that are being faced by the trade, it was administratively decided to allow carry forward of the refund for the return period ending March-2009 to first return of the next Financial Year i.e. 2010-11 and likewise this concession was also provided for the year 2011-12 vide Trade Circulars cited at reference.
3. The department has received representations from the Trade and Associations with a request to allow the carry forward of the refund claim for the return period ending March 2012 to the next year 2012-13.
4. In view of the above, it is decided on the administrative grounds to allow carry forward of the refund claim upto rupees one lakh for the return period ending March-2012 to the first return of the next financial year i.e. 2012-13. In case, any dealer, who has already filed the claim of refund, for the period/ periods of 2011-12 in Form-501 and desires to withdraw such claim so as to carry forward his refund then such dealer shall file a revised return showing carry forward of such refund. It would be necessary for him to make an application to the concerned authority for withdrawal of refund application in Form 501 In other words, the concession to carry forward the refund as stated above will be considered only if the application for refund is withdrawn.
5. This circular cannot be made use of for legal interpretation of provisions of law, as it is clarificatory in nature. If any member of trade has any doubt, he may refer the matter to this office for further clarification.
6. You are requested to bring the contents of this circular to the notice of all the members of your association.
Yours faithfully
(Sanjay Bhatia)
Commissioner of Sales Tax,
This is circular
If set off above one lac ......u can carry forward refund
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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