TNVAT ITC reversal withdrawn in Budget 2015-16 -reg

[venkat eswaran]

Dear Experts

In TNVAT there is an ITC reversal for intersate sales with C form w.e.g 11.11.13 now withdrawn in the budget 2015-16 [ yesterday's TN budget presentation]

This is effective from which date? and we have paid ITC reversal for the last 15 months from Nov-13.

Whether we can get refund of this? Pl clarify

Venkat

AI Summary

ITC reversal withdrawal may affect claims for refund of previously reversed input tax credits by taxpayers Withdrawal of ITC reversal for interstate sales supported by C forms removes the erstwhile requirement to reverse input tax credit applied from 11.11.13; key questions are the operative effective date of the budgetary withdrawal and whether taxpayers who reversed ITC since November 2013 may claim refunds or adjustments, subject to entitlement conditions and documentation evidencing interstate sales and C form reliance.