Input tax credit requires VAT registration and original invoices and is limited by specified exclusions and apportionment rules.
Input tax credit under the Punjab VAT Act, 2005 is available only to VAT-registered taxable persons on the basis of original VAT invoices from VAT-registered suppliers in the State; specified categories of goods and uses are excluded unless dealt in by the trader. Mixed taxable and tax-free sales require apportionment of credit by the prescribed formula, credit is claimed with each return and excess is carried forward; input tax credit is non-transferable. Transitional claims for stock taxed under prior law require authentication and documentary proof. Exempt units are ineligible for ITC but may apply for refund subject to compliance. (AI Summary)

Gifts from relatives are exempt under income tax provisions when received from specified listed relations and certain occasions.
Section 56(2)(vii) treats certain gifts received without or for inadequate consideration as taxable under the head Income from other sources when valuation thresholds are exceeded, but excludes amounts received from a relative, on marriage, by will or inheritance, in contemplation of death, and from specified public or charitable entities. The statutory definition of "relative" encompasses spouse, siblings, siblings of spouse, siblings of parents, lineal ascendants and descendants of the individual and spouse, and spouses of those relatives; the author lists thirty-six specific relational categories whose gifts are not taxable. (AI Summary)

Dual GST framework: separate central and state taxes with input tax credit restricted to each component for value-added collection.
The proposed Dual GST model creates separate Central and State GST statutes treating supply of goods and services as the taxable event, collects tax on value addition with PAN-based identification and periodical returns, and restricts input tax credit use to the corresponding component while allowing an integrated mechanism for interstate supplies; implementation requires subsuming specified central and state indirect taxes and a constitutional amendment to empower states on services. (AI Summary)