Gurmet Siingh (Chartered Accountant) (413 Points)
25 June 2009I m auditing the accounts of a company.
I saw that the company has Opening VAT & CST payable for the last year.
Can the company adjust this amount payable with the Input Tax for the next year or it has to pay the amount?
Opening Vat Payable(2007-08) 20,000
Input Credit for next year(2008-09) 80,000
Thx
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 25 June 2009
Please see 2000 for the year 2007-2008 was paid and return filed. its can not adjust in next month.or next financial year.
P R KEJRIWAL
(Vice President)
(40 Points)
Replied 26 June 2009
| Originally posted by :ramikhalsa | ||
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The is no adjustment of carried forward excess credit allowed from 07.08. U can c/f 05-06 to 06-07 and 06-07 to 07-08 but not thereafter. In th given case there is opening liability which is in any case not allowed in an years. The same has to be paid sepraterly with interest immd. Adv Pawan Kejriwal, Mumbai Mob:9987507710
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