Adjustment of tax liability requires dealers to recompute deposits after retrospective rate reductions, subject to furnishing proof of purchaser refunds. Dealers affected by retrospective tax rate reductions or changes in input credit eligibility must recompute tax liability and adjust any excess tax deposited in the first return due after notification, but may make such adjustments only after refunding the excess to the purchaser and furnishing proof of that refund with the return. Continuing works contract taxpayers must file statements of partly executed contracts and compute liability using prescribed DVAT forms, with failure to file disqualifying alternative discharge treatment.
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Adjustment of tax liability requires dealers to recompute deposits after retrospective rate reductions, subject to furnishing proof of purchaser refunds.
Dealers affected by retrospective tax rate reductions or changes in input credit eligibility must recompute tax liability and adjust any excess tax deposited in the first return due after notification, but may make such adjustments only after refunding the excess to the purchaser and furnishing proof of that refund with the return. Continuing works contract taxpayers must file statements of partly executed contracts and compute liability using prescribed DVAT forms, with failure to file disqualifying alternative discharge treatment.
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