Input tax credit

[saket s]

Dear Sir,

Whether input tax credit of VAT is available in case of penultimate sales under Punjab VAT?

AI Summary

Input tax credit refunds on penultimate sales where zero-rated treatment allows recovery, with voucher or adjustment remedies available.
Input tax credit on penultimate sales is refundable where the onward sale is treated as zero-rated, allowing recovery of tax paid on purchases used in those sales. Refunds are available by refund voucher or by refund adjustment order; if refund is due per filed returns of a registered taxable person, it may be provisionally adjusted against tax payable in subsequent returns.