Tax credit refund and adjustment rules clarified, with strengthened audit powers and higher penalties under VAT amendments. The amendment expands the definition of business premises, adds immovable property to movable references, prescribes that negative net tax must first be adjusted against Central Sales Tax liabilities with remaining credit carry-forward or refund limited to tax periods within the same year, mandates maintainable electronic records at principal business premises, empowers the Commissioner to order audited examination by nominated professionals, raises and prescribes penalties for non-compliance, and permits Government notification of amnesty scheme(s) for dues relating to periods ending before 1 April 2013.
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Tax credit refund and adjustment rules clarified, with strengthened audit powers and higher penalties under VAT amendments.
The amendment expands the definition of business premises, adds immovable property to movable references, prescribes that negative net tax must first be adjusted against Central Sales Tax liabilities with remaining credit carry-forward or refund limited to tax periods within the same year, mandates maintainable electronic records at principal business premises, empowers the Commissioner to order audited examination by nominated professionals, raises and prescribes penalties for non-compliance, and permits Government notification of amnesty scheme(s) for dues relating to periods ending before 1 April 2013.
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