AMIT BAJAJ ADVOCATE

1. Input Tax Credit is very vital to the concept of Value Added Tax system. Input tax is the tax that a taxable person has paid on his business purchases.

2. Section 13 of the Punjab VAT Act, 2005 deals with Input Tax Credit. The system of credit on input tax paid is tax-based. It is a major check on leakage of tax.

3. Input Tax includes tax paid on :