https://www.taxtmi.com/caselaws?id=459872 Input tax credit under the Rajasthan VAT Act was held allowable on VAT paid for DEPB, duty free licences and duty credit scrips used to import raw materials for manufacturing finished goods, because the statutory scheme treated goods used in the manufacturing chain as eligible inputs and no notification excluded such items. The Court applied a broad construction of "raw material" and rejected denial of credit on the ground that it would create cascading taxation. Interest on differential tax could not survive once the credit disallowance failed, as the demand and consequential interest were inseparable from the reversal of credit and reassessment. en-us Wed, 27 Sep 2023 00:00:00 +0530 Wed, 01 Jan 2025 18:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459872 Input tax credit under the Rajasthan VAT Act was held allowable on VAT paid for DEPB, duty free licences and duty credit scrips used to import raw materials for manufacturing finished goods, because the statutory scheme treated goods used in the manufacturing chain as eligible inputs and no notification excluded such items. The Court applied a broad construction of "raw material" and rejected denial of credit on the ground that it would create cascading taxation. Interest on differential tax could not survive once the credit disallowance failed, as the demand and consequential interest were inseparable from the reversal of credit and reassessment. Case-Laws VAT / Sales Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459872