https://www.taxtmi.com/article/detailed?id=5462 The notification reduces VAT rates on iron and steel goods and assigns a distinct lower rate for Non CENVAT paid scrap, with a surcharge under section 8-B applying to the reduced rates except on advance VAT. Amendments to Rule 21 limit input tax credit for the enumerated iron and steel goods to first and second stage taxable persons only, exclude specified items from that restriction, and add a transitional rule for credit on stock. Rule 54 requires a certificate on the back of VAT invoices setting out purchaser classification and particulars. en-us Mon, 03 Feb 2014 08:32:59 +0530 Mon, 03 Feb 2014 08:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5462 The notification reduces VAT rates on iron and steel goods and assigns a distinct lower rate for Non CENVAT paid scrap, with a surcharge under section 8-B applying to the reduced rates except on advance VAT. Amendments to Rule 21 limit input tax credit for the enumerated iron and steel goods to first and second stage taxable persons only, exclude specified items from that restriction, and add a transitional rule for credit on stock. Rule 54 requires a certificate on the back of VAT invoices setting out purchaser classification and particulars. Articles Value Added Tax - VAT and CST Mon, 03 Feb 2014 08:32:59 +0530 https://www.taxtmi.com/article/detailed?id=5462