50.  Refund of excess payment:-

        (1) Subject to the other provisions of this Act and the rules made thereunder, 1[the Commissioner shall, by order refund] to a person the amount of 3[tax, 2[penalty, interest, security deposit deposited under section 16] and fee except when the fee is paid by way of court-fee stamp,] if any, paid by such person in excess of the amount due from him. The refund may be either by deduction of such excess from the amount of tax, penalty, amount forfeited and interest due, if any, in respect of any other period or in any other case, by cash payment:

                           Provided that, the Commissioner shall first apply such excess towards the recovery of any amount due in respect of which a notice under sub-section (4) of section 32 has been issued, or, as the case may be, any amount which is due as per any return or revised return but not paid and shall then refund the balance, if any.

     4[(2) If a registered dealer has filed any returns, fresh returns or revised returns in respect of any period contained in any year and any amount is refundable to the said dealer according to the return, fresh return or revised return, then subject to rules, the dealer may adjust such refund against the amount due as per any return, fresh return or revised return for any 5[* * *] period contained in the said year, filed under this Act or the Central Sales Tax Act, 1956 or the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002.]

            Provided that, for the period commencing on or after the 1st April, 2012 a dealer whose refund claim in a year is rupees five lakh or less may, carry forward such refund to the return or revised return for immediate succeeding year to which such refund relates.

-----------------------------------------------------------------------------------------------------------------------------------------

        1. These words were substituted for the words “the Commissioner shall refund” by Mah. Act No. XXXII of 2006, dt. 5.8.2006 w.e.f. 20.6.2006.

        2.   These words were substituted for the words “penalty and interest,” and shall be deemed to have been substituted w.e.f. 1-4-2005 by Mah. Act No. XXV of 2007, dt. 6.8.2007.   

      3.  These words were substituted for the words “ tax ,penalty, interest”  by Mah. Act No.XV of 2011 dt.21^st April 2011 w.e.f.1^st May 2011.

      4.  Sub-section (2) was substituted by Mah. Act No. XXXII of 2006, dt. 5.8.2006 w.e.f. 20.6.2006.

  (2)  Where any refund is due to any dealer according to the return or revised return furnished by him for any period, then subject to the other provisions of this Act including the provisions regarding provisional refunds such refund may provisionally be adjusted by him against the tax due and payable as per the returns or revised return furnished under section 20 for any subsequent period :

                 Provided that, the amount of tax or penalty, interest or sum forfeited or all of them due from, and payable by, the dealer on the date of such adjustment shall first be deducted from such refund before making the adjustment.

        5. The word “subsequent” was deleted by Mah. Act No. XXV of 2007, dt. 6.8.2007 w.e.f. 15.8.2007 as per Notification No.         VAT.1507/CR-57/Taxation-1, dt. 10.8.2007.