https://www.taxtmi.com/article/detailed?id=5812 No reversal of input tax credit on closing stock of iron and steel goods is required because the reversal provision applies only prospectively to rate reductions occurring on or after the rule's effective date, and reversal is required only where ITC is available on the stock at the time of rate reduction. en-us Wed, 03 Sep 2014 06:14:14 +0530 Wed, 03 Sep 2014 06:14:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5812 No reversal of input tax credit on closing stock of iron and steel goods is required because the reversal provision applies only prospectively to rate reductions occurring on or after the rule's effective date, and reversal is required only where ITC is available on the stock at the time of rate reduction. Articles Value Added Tax - VAT and CST Wed, 03 Sep 2014 06:14:14 +0530 https://www.taxtmi.com/article/detailed?id=5812