https://www.taxtmi.com/article/detailed?id=6623 A dealer's admissible input tax credit, once determined on assessment, must first be adjusted against the current year's output tax liability; thereafter any balance may be applied to central sales tax liability or carried forward. Interest and penalty can only arise on net output tax remaining after such assessed ITC adjustment. An initial excess claim in return does not bar adjustment of the ITC found admissible on assessment. en-us Sat, 09 Jan 2016 17:14:27 +0530 Sat, 09 Jan 2016 17:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6623 A dealer's admissible input tax credit, once determined on assessment, must first be adjusted against the current year's output tax liability; thereafter any balance may be applied to central sales tax liability or carried forward. Interest and penalty can only arise on net output tax remaining after such assessed ITC adjustment. An initial excess claim in return does not bar adjustment of the ITC found admissible on assessment. Articles Value Added Tax - VAT and CST Sat, 09 Jan 2016 17:14:27 +0530 https://www.taxtmi.com/article/detailed?id=6623