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<h1>Input tax credit interpretation clarified: 'plant and machinery' replaces 'plant or machinery', applied retrospectively and overriding prior orders.</h1> 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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