YOGESH GUPTA (chartered accountant) (246 Points)
23 October 2010We have filed our return under Tamilnadu VAT act, for the month of july 2010 for claiming input tax as refund. We have not exported the material (sale is not zero tax).
Can we get the refund of input as we have not made any sale after july onward
REgards
Yogesh gupta
Ravi Prasad
(Self employed)
(148 Points)
Replied 16 November 2010
What happened to the goods, if it is not sold? If the same are sold locally, then adjust the Input tax credit to the tax payable. If it is sold Interstate, then adjust the Input tax credit to the tax payable under CST Act. But if you have exported the goods then get the refund of the entire VAT. But if the goods are disposed by methods other than by way of sale, then you have to declare the Input tax rebate as non-deductible.
CAclubindia
