Hi,
Can Excess claim of Vat Set-off adjusted against interest payable under M.Vat Act,2002
For Example - Out Put Vat on sales -10,000/- Less Input Vat on purchase -15,000/- = Refund in this case =5,000/- & Interest on non payment of Vat = 3,000/-.
Can we adjust like 5,000/-(Refund) Less 3,000/-(Interest) = 2,000/- Refund or carried forward.
CAclubindia
