VAT concession for museum purchases limited to a nominal levy, subject to public display and refund reimbursement conditions. Amendment to the Sixth Schedule grants KNMA a restricted refund treatment on local art purchases to have the effect of a nominal levy, conditioned on public accessibility of art works; disposal of any purchased art requires reimbursement of the refund received for that work. KNMA must file an annual inventory return within 75 days after year-end and submit a prescribed Certificate when claiming refunds confirming items are unsold and used for public display, with invoice details and supporting particulars. The notification is effective immediately.
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.
VAT concession for museum purchases limited to a nominal levy, subject to public display and refund reimbursement conditions.
Amendment to the Sixth Schedule grants KNMA a restricted refund treatment on local art purchases to have the effect of a nominal levy, conditioned on public accessibility of art works; disposal of any purchased art requires reimbursement of the refund received for that work. KNMA must file an annual inventory return within 75 days after year-end and submit a prescribed Certificate when claiming refunds confirming items are unsold and used for public display, with invoice details and supporting particulars. The notification is effective immediately.
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