We have Refund of Rs.13,00,000/- of F.Y 2007-08 but we have not filed Form-501 (Refund application). That refund is now time barred. As per provision of MVAT refund cannot be granted unless an application as provided is made within prescribed time. What is the remedy now? Amount is huge so is there any way out?
You can not claim refund but you can adjust it against any amount payable,unless yours is a closed business. For this purpose it is better to get your accounts audited by the sales tax department,get the refundable amount declared as excess and get it entered in the returns. Then go on adjusting it.....mjk
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