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of <h1>Dealers Must Choose: Refund or Carry Forward Excess ITC in Form DVAT-16, Not Both, Says DVAT Act 2004.</h1> Certain dealers have been bifurcating their excess Input Tax Credit (ITC) in their returns by claiming part as a 'Refund' and the remainder as 'Carry Forward' in Form DVAT-16. This practice has been reviewed under the DVAT Act, 2004, which specifies that dealers must choose either to claim excess ITC as a 'Refund' or 'Carry Forward' it. Assessing Authorities are instructed to adhere to these provisions and the DVAT Rules, 2005, when processing refund claims and returns. This directive has been issued with the approval of the Commissioner, Value Added Tax, of the Government of NCT of Delhi.
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