DEAR SIR,
IS IT POSSIBLE TO CLAIM SETOFF OF REFUND AGAINST PAYABLE
IF PAYABLE IS OF 1ST QUATER 2011 AND THEIR IS REFUND IN 4TH QUATER 2012 FOR FY 2011 2012 i.e VAT LAIBILITY CAN BE C/F TO NET QUATER FOR SETOFF.
Pankaj Bang (Audit Assitant) (33 Points)
24 December 2012DEAR SIR,
IS IT POSSIBLE TO CLAIM SETOFF OF REFUND AGAINST PAYABLE
IF PAYABLE IS OF 1ST QUATER 2011 AND THEIR IS REFUND IN 4TH QUATER 2012 FOR FY 2011 2012 i.e VAT LAIBILITY CAN BE C/F TO NET QUATER FOR SETOFF.
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 24 December 2012
Hi Pankaj,
Under any circumstances, the Assessee can not take the benefit out of the refund .
As per your query, the payable is of previous FY which needs to be paid along with interest. It can not be adjusted thru returns.
But when u walkin to the Dept and if you can request the Commissioner, then it might work. I have seen a couple of assesses adjusting this manner in Income Tax.
Try your luck. 
Suri.
Pankaj Bang
(Audit Assitant)
(33 Points)
Replied 24 December 2012
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Hey Suri thanks for reply.. Its of same Financial year 1st Qtr payable i.e ( Apr 11 to june 11) and 4th Qtr (jan 12 to mar 12) excess credit so i want to know whether it is possible to C/F 1st Qtr liability till 4th Qtr and setoff against 4th Qtr Excess setoff My question is can I file Q-1 return with Payable VAT and c / f the liability to 4th qtr to set off in Q-4.
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Prakash T c
(Executive)
(194 Points)
Replied 27 December 2012
Hi Pankaj,
Vat rules will differs in state to state hence mention the state, you can file a annual return and adjust the amount accordingly i.e payment of 1st Q along with penalty workings and excess credit of 4 th Q shall be adjusted in the same financial year.
If the annual return is N/A then give a request to the Ac department of vat.
No need to pay seperate amount in the same quarter and dont opt for refund amount.
Regards,
Prakash
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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