Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004

Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004 https://www.taxtmi.com/circulars?id=8091 Amendment to section 9(1) entitles registered dealers to claim ITC proportionate to purchases put to sale, with Rule 6A for operationalisation. Under section 9(5) the dealer's method for computing ITC on closing stock must be fair and reasonable; the Commissioner may, with written reasons, reject the method and prescribe alternatives or adjustments. Dealers may object to the Commissioner's decision under section 74. Self assessment by dealers using a fair and reasonable method remains the basic compliance principle. en-us Wed, 19 May 2010 00:00:00 +0530 Fri, 21 May 2010 12:57:00 +0530 TaxTMI RSS Generator Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004 https://www.taxtmi.com/circulars?id=8091 Amendment to section 9(1) entitles registered dealers to claim ITC proportionate to purchases put to sale, with Rule 6A for operationalisation. Under section 9(5) the dealer's method for computing ITC on closing stock must be fair and reasonable; the Commissioner may, with written reasons, reject the method and prescribe alternatives or adjustments. Dealers may object to the Commissioner's decision under section 74. Self assessment by dealers using a fair and reasonable method remains the basic compliance principle. Circulars VAT - Delhi Wed, 19 May 2010 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8091