REFUND OF EXCESS ‘VAT’ PAID – WHETHER AUDIT IS REQUIRED?

REFUND OF EXCESS ‘VAT’ PAID – WHETHER AUDIT IS REQUIRED? https://www.taxtmi.com/article/detailed?id=5845 Where a dealer's entitlement to refund and the refundable quantum are admitted by the department, withholding refund solely because the assessment accounts must be audited is inconsistent with the refund rules; refund claims require prescribed tax invoices or notes to support input tax deductions, but departmental insistence on audit as a precondition cannot supersede the statutory refund mechanism and the taxpayer may claim interest for delayed refund. en-us Fri, 26 Sep 2014 06:25:32 +0530 Fri, 26 Sep 2014 06:25:32 +0530 TaxTMI RSS Generator REFUND OF EXCESS ‘VAT’ PAID – WHETHER AUDIT IS REQUIRED? https://www.taxtmi.com/article/detailed?id=5845 Where a dealer's entitlement to refund and the refundable quantum are admitted by the department, withholding refund solely because the assessment accounts must be audited is inconsistent with the refund rules; refund claims require prescribed tax invoices or notes to support input tax deductions, but departmental insistence on audit as a precondition cannot supersede the statutory refund mechanism and the taxpayer may claim interest for delayed refund. Articles Value Added Tax - VAT and CST Fri, 26 Sep 2014 06:25:32 +0530 https://www.taxtmi.com/article/detailed?id=5845