Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004

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....  Subject : Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004 1. The amendment in section 9(1) of the DVAT Act, 2004 has been made effective from 01.04.2010 vide which a dealer who is registered or is required to be registered under this Act shall be entitled to a tax credit in respect of the turnover of the purch....

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....sonable in the circumstances." Likewise, the method for calculation of the input tax credit to be carried forward on closing stock shall be fair and reasonable. (i) It is further specified in the same section that:- "Provided that Commissioner may (a) after giving reasons in writing, reject the method adopted by the dealer and calculate the amount of tax credit: and (b) prescribe metho....