https://www.taxtmi.com/article/detailed?id=5372 The Act empowers the State to grant tax incentives to newly commencing industries and to allow prescribed classes to retain collected tax. Section 13 is amended: input tax credit is allowable only where goods are sold within the State, in inter-State trade, exported, or used in manufacture/processing/packing for such sales; advance VAT is no longer treated as input tax credit; input tax credit on stocks must be reversed on business closure; and input tax credit for any purchase cannot exceed the tax actually paid into the Government Treasury. en-us Mon, 02 Dec 2013 06:26:28 +0530 Mon, 02 Dec 2013 06:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5372 The Act empowers the State to grant tax incentives to newly commencing industries and to allow prescribed classes to retain collected tax. Section 13 is amended: input tax credit is allowable only where goods are sold within the State, in inter-State trade, exported, or used in manufacture/processing/packing for such sales; advance VAT is no longer treated as input tax credit; input tax credit on stocks must be reversed on business closure; and input tax credit for any purchase cannot exceed the tax actually paid into the Government Treasury. Articles Value Added Tax - VAT and CST Mon, 02 Dec 2013 06:26:28 +0530 https://www.taxtmi.com/article/detailed?id=5372