https://www.taxtmi.com/caselaws?id=766128 SC held that Rule 21(8) of Punjab VAT Rules, 2005 could not be applied to transactions concluded before 01.04.2014 when the enabling provision in the parent statute came into effect. The rule allowing reduced tax rates on existing stock purchased at higher rates was invalid for pre-existing transactions. HC correctly interpreted that taxable persons who paid higher tax rates on iron and steel goods as inputs retained their input tax credit entitlement at the original rate. Applying reduced rates retrospectively would cause prejudice to taxpayers and revenue loss. Appeal dismissed. en-us Mon, 17 Feb 2025 00:00:00 +0530 Wed, 19 Feb 2025 08:42:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766128 SC held that Rule 21(8) of Punjab VAT Rules, 2005 could not be applied to transactions concluded before 01.04.2014 when the enabling provision in the parent statute came into effect. The rule allowing reduced tax rates on existing stock purchased at higher rates was invalid for pre-existing transactions. HC correctly interpreted that taxable persons who paid higher tax rates on iron and steel goods as inputs retained their input tax credit entitlement at the original rate. Applying reduced rates retrospectively would cause prejudice to taxpayers and revenue loss. Appeal dismissed. Case-Laws VAT / Sales Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766128