https://www.taxtmi.com/caselaws?id=278008 Under the Haryana VAT deferment scheme, an industrial unit opting to pay 50% of deferred tax upfront must compute that deferred tax on the gross tax liability on sales of manufactured goods, without first reducing input tax credit on raw materials. The statutory scheme in Section 61(2)(d)(iii), read with Rule 69 and the illustration in Rule 28C(5), treats the input tax component as part of the upfront payment rather than a deduction from deferred tax. The earlier binding view was followed, so the issue was decided against the Revenue and in favour of the assessee. en-us Tue, 29 May 2018 00:00:00 +0530 Fri, 04 Jan 2019 06:17:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278008 Under the Haryana VAT deferment scheme, an industrial unit opting to pay 50% of deferred tax upfront must compute that deferred tax on the gross tax liability on sales of manufactured goods, without first reducing input tax credit on raw materials. The statutory scheme in Section 61(2)(d)(iii), read with Rule 69 and the illustration in Rule 28C(5), treats the input tax component as part of the upfront payment rather than a deduction from deferred tax. The earlier binding view was followed, so the issue was decided against the Revenue and in favour of the assessee. Case-Laws VAT and Sales Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278008