Wednesday, January 4, 2012

TN VAT: How will the refund be issued to the exporters (dealers who effect zero rate sale)

The dealer who claims refund due to zero rate sales may file an application in
Form D1 to the assessing authority along with copies of the purchase
invoices of related goods. After verification the assessing authority will issue
refund within 90 days from the date of receipt of application in Form D1.
If the excess amount is not refunded within ninety days, whatever may be
the reason, the assessing authority will issue refund along with interest at
the rate prescribed in the Act. If the dealers, do not claim refund within 180
days from the date of export or before the end of the financial year,
whichever is later, the amount to be refunded shall lapse to Government.

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