Tax credit reduction rules revised to increase prescribed disallowances across schedule categories and lower the adjustment rate. The Value Added Tax (Amendment) Rules, 2008 amend Rule 7 of the Delhi VAT Rules by prescribing percentage reductions of input tax credit for goods in the Second, Third and Fourth Schedules and for other specified goods, and by reducing the adjustment rate in sub rule (4) to a lower prescribed rate; the rules are titled and take effect from 1 June 2008.
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Tax credit reduction rules revised to increase prescribed disallowances across schedule categories and lower the adjustment rate.
The Value Added Tax (Amendment) Rules, 2008 amend Rule 7 of the Delhi VAT Rules by prescribing percentage reductions of input tax credit for goods in the Second, Third and Fourth Schedules and for other specified goods, and by reducing the adjustment rate in sub rule (4) to a lower prescribed rate; the rules are titled and take effect from 1 June 2008.
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