HI,
My client has purchased machinary for his new business and have ITC against it of around Rs. 400000 and all the sales are tax free sales. Can he avail refund of ITC paid at purchase of Machinary?
2 Replies
sumit
(CA final Student)
(151 Points)
Replied 27 April 2012
the white paper of vat doesn't restrict taking of credit but it has to be taken in three years...but don't think so There is any refund...
being a state subject you should check the state vat law...
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 27 April 2012
As per the latest rules if your amount of refund is more than 1,00,000 then you cannot carry forward it to the next year and so you need to claim it .
In your case you have to claim the refund by filing an application in FORM 501 ( MVAT ACT , 2002 ) within three years from the end of the year in which there is a refund .
Ok ....
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