Value added tax rate change with tightened input tax credit conditions and expanded schedule-amendment powers to protect revenue. The Bill raises the VAT rate on Third Schedule goods except declared goods, links input tax credit to the proportion of goods sold and to actual deposit or lawful adjustment of tax by the seller, requires proportional reduction of credit where goods are sold at a loss, and empowers Government and the Commissioner to amend Schedules in the public interest subject to a non-prejudicial proviso on retrospective amendments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Value added tax rate change with tightened input tax credit conditions and expanded schedule-amendment powers to protect revenue.
The Bill raises the VAT rate on Third Schedule goods except declared goods, links input tax credit to the proportion of goods sold and to actual deposit or lawful adjustment of tax by the seller, requires proportional reduction of credit where goods are sold at a loss, and empowers Government and the Commissioner to amend Schedules in the public interest subject to a non-prejudicial proviso on retrospective amendments.
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