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Q. > Please Help: M.VAT REVISED RETURN
Dear All
Is it possible to file revised return under M. Vat Act for financial year 2009-10? In original return, a refund was claimed for Rs.23000/- but till date refund application is not filed.
Now I don’t want to claim the refund as the amount is very small and one circular was issued for instead of claiming the refund upto Rs.1 lacs, it can be carry forward to next year i.e. F.Y.2010-11.
Please guide me the what steps should I take so that I can carry forward this amount.
Thanks in advance
Vicky Parmar
answered Oct 24, 2011 by Ashish Karundia , New Delhi
Dear Vicky,
The MVAT Act, 2002 contains provisions relating to revised returns in three eventualities. One, voluntary revised returns under clause (a) of section 20 (4), second, revised returns in pursuance of vat audit u/s. 61 and observations therein under clause (b) of section 20 (4) and third, revised returns as per intimation u/s. 63 and findings therein. The first kind of revised return has to be filed within nine months from the end of the year in which the period of such return falls. Thus, it is normally 31st December of any year before which any revised return relating to any period falling in the financial year ending on 31st March of the year needs to be filed. Further, if you haven't claimed the refund till date, then the refund of Rs. 23,000 can be adjusted towards the returns filed for the financial year 2010-11 as per the circular number 15T of 2010 dated 15/4/2010.
Hope the above suffice.
Experts Panelist
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