Input tax credit interpretation clarified: 'plant and machinery' replaces 'plant or machinery', applied retrospectively and overriding prior orders.

The amendment directs that the phrase "plant or machinery" in the Act be construed as "plant and machinery" for input tax credit purposes, with the substitution treated as effective from 1 July 2017, and inserts an Explanation providing that this construction applies notwithstanding any contrary judgment, decree or order of any court, tribunal or other authority.

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