Input Tax Credit Granted at Paid Rate; Excess Tax Collected is Forfeited, Refund Must Be Claimed by Payer.

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....Input tax Credit - credit at the rate at which the assessee paid it on purchases - If there is tax payment in excess of the rate available in the Schedule, then necessarily such collection to that extent would be forfeited by the State and the person who has paid the said tax would have to claim refund.....