Revenue Department Clarifies VAT and Sales Tax Exemption Entries; Retrospective Clarification Aims to Resolve Classification Confusion.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Scope of clarification issued by the Revenue Department - To be retrospective or prospective - Applicability of Exemption Entry - Confusion between the two entries of classification / exemption - The clarification was issued in exercise of power conferred by the statute - What the clarification provided by the Commissioner does is to clear the meaning of the two entries which was already implicit but had given rise to a confusion. A clarification of this nature, therefore, is bound to be retrospective - SC....