If a VAT Registrant still has supplies remaining at the end of the month (or tax period), the excess amount should be taken over to the next month’s stock. However, if after six consecutive months, those supplies are not sold, the VAT Registrant can apply to the GRA for a refund.
A VAT Registrant can also apply to the GRA for a refund if at least fifty percent (50%) of their zero-rated supplies have not been sold at the end of the month.
The person(s) claiming the refund must provide the following information:
- The legal name of the registered person (or trade name)
- The VAT registration number
- The amount of refund claimed:
- the month in which the supply was acquired
- The month or months in which the supply remained unsold
- And the amount in refunds claimed
See Section 35 of the Value Added Tax Act for reference.