https://www.taxtmi.com/caselaws?id=756494 Section 11(3)(b) of the Gujarat Value Added Tax Act, 2003 was construed strictly, and the definition of "purchase price" in section 2(18) was treated as exhaustive. Because that definition did not expressly include VAT, the VAT component could not be added to the aggregate turnover of purchases by implication. The turnover of purchases under section 2(32), and the corresponding reduction in tax credit, therefore had to be computed only on the statutory purchase price. Amounts relating to purchases on which no tax credit was claimed or granted were also excluded. The interpretation adopted by the Tribunal and the High Court was upheld. en-us Fri, 02 Aug 2024 00:00:00 +0530 Fri, 02 Aug 2024 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756494 Section 11(3)(b) of the Gujarat Value Added Tax Act, 2003 was construed strictly, and the definition of "purchase price" in section 2(18) was treated as exhaustive. Because that definition did not expressly include VAT, the VAT component could not be added to the aggregate turnover of purchases by implication. The turnover of purchases under section 2(32), and the corresponding reduction in tax credit, therefore had to be computed only on the statutory purchase price. Amounts relating to purchases on which no tax credit was claimed or granted were also excluded. The interpretation adopted by the Tribunal and the High Court was upheld. Case-Laws VAT / Sales Tax Fri, 02 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756494