https://www.taxtmi.com/caselaws?id=391959 Input tax credit on capital goods under the Tamil Nadu VAT Act is intended to prevent cascading of tax and may be claimed on the basis of the invoice and the tax shown as paid by the registered seller. The purchaser cannot be denied credit merely because the supplier collected and remitted tax at a higher rate than the rate applicable to the goods, where the invoice evidences payment and there is no finding of a deliberate device to pass on excess credit. Any excess tax collection, if not otherwise payable, remains a matter between the department and the selling dealer, and the transaction is treated as revenue neutral for the purchaser. en-us Mon, 13 Jan 2020 00:00:00 +0530 Fri, 26 Feb 2021 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391959 Input tax credit on capital goods under the Tamil Nadu VAT Act is intended to prevent cascading of tax and may be claimed on the basis of the invoice and the tax shown as paid by the registered seller. The purchaser cannot be denied credit merely because the supplier collected and remitted tax at a higher rate than the rate applicable to the goods, where the invoice evidences payment and there is no finding of a deliberate device to pass on excess credit. Any excess tax collection, if not otherwise payable, remains a matter between the department and the selling dealer, and the transaction is treated as revenue neutral for the purchaser. Case-Laws VAT and Sales Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391959