https://www.taxtmi.com/article/detailed?id=5857 Retention of input tax credit on closing stock of goods meant for export is not justified under the Punjab VAT Act. Section 13(1) makes ITC available where goods are intended for export; section 15(4) allows refund of excess ITC at the taxpayer's option after adjustments; and section 39 prescribes refund procedure. Section 18(2) requires refund for goods actually exported but does not authorize withholding ITC on closing stock. Thus ITC on closing stock, if surplus after adjustments, is refundable and cannot lawfully be retained by officers. en-us Mon, 06 Oct 2014 08:11:07 +0530 Mon, 06 Oct 2014 08:11:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5857 Retention of input tax credit on closing stock of goods meant for export is not justified under the Punjab VAT Act. Section 13(1) makes ITC available where goods are intended for export; section 15(4) allows refund of excess ITC at the taxpayer's option after adjustments; and section 39 prescribes refund procedure. Section 18(2) requires refund for goods actually exported but does not authorize withholding ITC on closing stock. Thus ITC on closing stock, if surplus after adjustments, is refundable and cannot lawfully be retained by officers. Articles Value Added Tax - VAT and CST Mon, 06 Oct 2014 08:11:07 +0530 https://www.taxtmi.com/article/detailed?id=5857