In Maharashtra new dealers had paid voluntary security deposit of Rs. 25000/- . 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
1.After a period of 36 months from the end of month containing the date of effect of the reg. certificate but before the end of the period of 48 months.
However as per recent Trade Circular for MVAT deposit refund 26 T of 2018 dated 10/10/2018. Due Date for application to MVAT voluntary deposit refund shall be 31st March 2019.
Rule N0. 60 A of Maharashtra Value Added Tax 2002 lays down procedure. Dealer need to follow the conditions mentioned before apply MVAT Security Deposit Refund.
Following are conditions
With effect from 4th May 2011 MVAT security deposit is not liable for adjustment against tax payable. However this Rs. 25000/- deposit is refundable as per 60A.
No. MVAT Refund Deposit of Rs. 25000/- shall be refundable in bank account of dealer. Mode of refund can be Chque / NEFT. Case mode is not available. In given bank details funds will be credited.
VAT No. . 27____________-
Sub: For Refund of security deposit
We M/s ABC Ltd having VAT registration number _______________ with effect from. Our place of business is ___________. As a new dealer we paid Rs. 25000 as MVAT security deposit by DD No. _____ dated ______ . with respect to subject matter we here with making application for refund of MVAT security deposit. Our bank details as below
We are enclosing necessary copies of documents.
Kindly proceed our MVAT Security Refund.
For M/S ABC Ltd.