FORAM MEHTA (ARTICLE ASSISTANT) (52 Points)
20 March 2012I WANT TO KNOW that if a new TIN No is Taken & at time of taking new TIN NO we have submitted the DD of Rs 25000.
So while filing 1st Return of VAT can we take the Set off of Rs 25000/- & excess Can be Carried forward.
Is this Valid ? If not then what is the way 2 file the 1st return taking/not taking the credit of Rs 25000 ?
Is urgent ... So plz suggest as soon as possible
vinodh
(Final )
(182 Points)
Replied 20 March 2012
DD of Rs 25000/- is given as sales tax at the time of taking new TIN.
So it should be treated as Sales tax deposit and should be shown in asset side of the balance sheet Under the head Deposits seperately.
and should not be adjusted while filing returns.
FORAM MEHTA
(ARTICLE ASSISTANT)
(52 Points)
Replied 20 March 2012
vinod, thanks.
bt r u sure as i came to know that we can adjust the same amount in Filling the sales tax return.
So , do u mean to say that, we have to pay the Amount of vat that is arrived after deducting SALES VAT - PURCHASE VAT
the refund of Rs 25000/- will come after how many years ? n there is any procedure for getting that deposit ?
vinodh
(Final )
(182 Points)
Replied 20 March 2012
VAT is a state ACT.
I texted what usually we do in our state (ANDHRAPRADESH) as per my knowledge i replied you.
The refund of deposit can be refunded only at the time of closure of business or at the time of cancelling the tin. Till that time we will it in the asset side of the balance sheet.
FORAM MEHTA
(ARTICLE ASSISTANT)
(52 Points)
Replied 20 March 2012
we belong to Maharashtra State...so wht is applicable in Maharashtra..could any1 let me knw.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
