https://www.taxtmi.com/article/detailed?id=1428 The Ordinance amends the PVAT Act to charge advance VAT on notified imports intended for sale or for use in manufacturing/processing for sale, and to deem entry tax collected under the Entry Tax Act as collected under that advance VAT provision. Tax so collected is to be treated as Input Tax Credit. The amendments raise competence concerns because the taxable event becomes import rather than a sale/purchase within the State, and practical issues because advance collection may occur even where no ultimate VAT liability arises or where ITC cannot fully compensate the payer. Judicial stays on entry tax affect the deeming provision. en-us Sat, 17 Sep 2011 17:36:14 +0530 Sat, 17 Sep 2011 17:36:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1428 The Ordinance amends the PVAT Act to charge advance VAT on notified imports intended for sale or for use in manufacturing/processing for sale, and to deem entry tax collected under the Entry Tax Act as collected under that advance VAT provision. Tax so collected is to be treated as Input Tax Credit. The amendments raise competence concerns because the taxable event becomes import rather than a sale/purchase within the State, and practical issues because advance collection may occur even where no ultimate VAT liability arises or where ITC cannot fully compensate the payer. Judicial stays on entry tax affect the deeming provision. Articles Value Added Tax - VAT and CST Sat, 17 Sep 2011 17:36:14 +0530 https://www.taxtmi.com/article/detailed?id=1428