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VAT - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Constitutional validity of restriction on input tax credit (ITC) ...

VAT and Sales Tax

December 31, 2014

Constitutional validity of restriction on input tax credit (ITC) when goods are sold below the purchase price - RVAT - validity upheld - HC

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  1. Reversal of input tax credit - Shortage of material - Whether the input tax credit availed can be adjusted towards output in respect of goods which are not sold - held No - HC

  2. Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed - Notification as amended [restriction of ITC on certain fabrics]

  3. Denial of Input tax credit - RVAT Act does not prohibit selling of goods lower than purchase value as per VAT invoice but ITC is to be allowed on the basis of VAT invoice - HC

  4. Input Tax Credit - discount/incentive received - sale of goods at a rate lower than the price shown in the VAT invoice - ITC cannot be disallowed - HC

  5. Validity of reassessment order - Input tax credit on purchases from three dealers - a bonafide purchaser cannot be put at jeopardy, when he has done all that the law...

  6. Cenvat credit on purchase of raw material - sponge iron being the raw material/inputs purchased from registered dealer - goods received on endorsed invoices - goods were...

  7. Input Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restrictions for availing ITC?

  8. Denial of input tax credit - cancellation of the few traders with retrospective effect - failure to prove the actual purchase of the goods - credit was rightly denied - HC

  9. CENVAT credit - input sold as such - there is no provision for reversal of credit of service tax on return of goods - AT

  10. Input tax credit denied - credit can not be denied on a plea that the selling dealer has not paid the tax. - HC

 

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