TMI BlogReversal of input tax credit (ITC) - A plain reading of the section 19(2)(v) as it stood during the...Reversal of input tax credit (ITC) - A plain reading of the section 19(2)(v) as it stood during the period in dispute and thereafter shows that it applies only to the sale of the goods as such. In other words, intention was to restrict the credit only in the case of dealers who were purchasing goods at higher rate of tax and accumulating credit and selling final product under interstate sale at a lower rate of tax - Section 19(2)(v) was never intended apply to a manufacturer as the input tax cre..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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