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KVAT Act: ITC Reversal Explained-'Subsidized Price' Includes Sales Below Purchase Value per Sections 11(7) & (8.

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....Reversal of ITC u/s 11(7) and (8) of the KVAT Act - the term 'subsidized price' used in the 2nd proviso to Section 11(3) will carry within it any sale made by the dealer at a subsidized price below the purchase value of such goods - not entitled to claim ITC over and above the output tax returned with respect to the goods sold at the reduced price....

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