Tuesday, August 2, 2011

In case our input credit is more than our vat tax payable, what will happen? Will you remit the excess amount by cheque and what is the time to claim such excess amount (Value Added Tax in Karnataka)

Ans: If the input tax paid is in excess of output tax payable the credit would be carried forward to the next month or you would be eligible for cash refund of the excess input tax. Regards G.Srinivas

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