Adjustment to tax credit

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....y him in any tax period in respect of which the purchase of goods relates, becomes short or excess, he shall compensate such short or excess by adjusting the amount of the tax credit allowed to him in respect of the tax period in which the credit note or debit note has been issued or goods are returned. Explanation : While issuance of a credit note of a post sale discount or incentive by a sellin....

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....he case may be, for the tax period during which the said utilization otherwise has taken place. (3) Where - (a) goods were purchased by a dealer; (b) the dealer claimed a tax credit in respect of the goods, and did not reduce the tax credit by the prescribed percentage; and 2[(c) the goods are exported from Delhi, - (i) by way of a sale made as per the provisions of sub-section (1) of sec....

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....purchases shall be reduced proportionately in the tax period during which the goods are sold. Explanation-The tax credit claimed on a particular purchase shall not exceed the amount of tax payable on its sale.] **************** Notes: 1. Inserted vide Delhi Value Added Tax (Amendment) Act, 2009 [Notification no. F.14(16)/LA-2009/LJ/10/LC LAW/1 dated 6-1-2010] 2. Substituted vide Notification....