Tax credit rules: cigarette input tax credit reduced under amended Delhi VAT rules, altering credit calculation. The amendment to rule 7 restricts input tax credit on cigarettes by inserting a proviso disallowing credit entirely in one context and adding a sub rule prescribing a reduction formula {(R-2) 100/R} percents where R is the rate of tax. It also amends Form DVAT 16 by adding field A3.7.1 to record tax credit disallowed on account of sales under the Central Sales Tax regime.
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The amendment to rule 7 restricts input tax credit on cigarettes by inserting a proviso disallowing credit entirely in one context and adding a sub rule prescribing a reduction formula {(R-2) 100/R} percents where R is the rate of tax. It also amends Form DVAT 16 by adding field A3.7.1 to record tax credit disallowed on account of sales under the Central Sales Tax regime.
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