How do I claim my VAT refund in Maharashtra?

If an assessee fails to file the vat refund application form 501 within the prescribed time then he can file the form 305. Form 305 relates to Application for the issuance of direction to assessing authority under sub- section (9) of section 23 of the Maharashtra Value Added Tax Act, 2002.

How to apply for refund in VAT?

You can claim a refund on the VAT return itself by completing Box 23 except in the case of appellate orders. In this case the tax department will issue a Form within 15 days of receipt of the appellate order. You have to confirm the claim on the same Form within 15 days of receipt of the Form.

What is refund process?

Refund may refer to: Product return, a process in which a customer returns a product to the original retailer in exchange for money previously paid. Money back guarantee – a guarantee that, if a buyer is not satisfied with a product or service, a refund will be made.

How to claim MVAT refund?

To claim a refund under MVAT Act dealer has to fill the Form 501 which is available on department’s website….

  1. Application for refund under section 51 shall be made in form 501.
  2. When the Commissioner is satisfied that a refund is due, he shall pass an order in Form 502, showing the amount of refund due and shall.

What is the maximum rate of interest on refund under section 52 of the MVAT act?

Refund of any tax becoming due to a R.D ( i.e. due to any assessment order etc…) is entitled for interest @ 6% p.a. {Rule 88 (2)} commencing on the date next following the last date of the period to which the refund relates & ending on the date of the order sanctioning the refund or for a maximum period of 24 months.

What is MVAT refund?

MVAT: Refund of Voluntary Registration Security Deposit. Income Tax.

What is VAT refund process?

VAT (value-added tax) must be paid for purchases of goods and services in many countries. The input VAT refund procedure offers companies, embassies/consulates, and international organizations the option of being refunded for VAT that they paid outside or inside the territory of the country.

What is refund pre application form?

1. What is Refund Pre-Application Form? Refund Pre-Application is a form, which need to be submitted by the taxpayers to provide certain information related to nature of business, Aadhaar Number, Income Tax details, export data, expenditure and investment etc.

How long does it take refunds to process?

If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.

What is return and refund policy?

A return and refund policy is an agreement between customers and your business regarding returns and refunds. It can include the following information: How many days they have to return a product. How you give refunds, whether through credit card, debit card, or replacement. Who pays the shipping charges for returns.

What is the time limit for claiming refund under GST?

two years
According to Section 54 of CGST Act, an application for claiming refund of any tax and interest can be made before the expiry of two years from the relevant date.

What is the maximum amount of interest on refund?

Interest is levied from the date of grant of refund under section 143(1) till the date of regular assessment. Interest under section 234D is levied @ ½ % per month or part of the month.

What is the maximum amount of VAT refund in Maharashtra?

As per recent circular of MVAT department (Maharashtra state budget 2013-14) VAT refund up to Rs. 5,00,000/- can be carried forward to next year. Before Financial year 2013-14 this limit is only Rs. 1,00,000/-. Therefore the VAT credit of more than Rs. 5,00,000/- can’t be carried forward it can only be refunded.

What is the procedure to get a refund of VAT deposit?

VAT Deposit usually paid by Chque / DD / NEFT. Amount deposited by dealer to MVAT is refundable. Dealer need to apply for refund of MVAT Voluntery deposit is per rule 60A (2) (b). earlier time period to apply for such VAT deposit was

How to claim a refund under MVAT Act?

To claim a refund under MVAT Act dealer has to fill the Form 501 which is available on department’s website. As Per the Trade Circular No. 28T of 2009, dated 15.10.2009, it has been made mandatory for all the dealers, who desire to file refund application in Form 501 as per section 51 to file Form 501 electronically only.

When do I have to make a VAT refund application?

Assesse has to make a VAT refund application within 21 months from the end of financial year. For e.g. for the Financial year 2013-14 the vat refund application can be made up to 31 st December, 2015 (21 months from the 31 st March, 2014). Click on the link to download the form 501 in excel.