ITC on capital goods not to be reduced to 4% when tax on the same is paid at 12.5%-Punjab VAT Tribunal

0 comments Friday, August 30, 2013
Punjab VAT Tribunal has held in L.S. Rice Exports Pvt. Ltd. vs State of Punjab (2013) 45 PHT 597 (PVT) that reduction of input tax credit on capital goods from 12.5% to 4% when the purchases made by the assessee are on 12.5% is not sustainable. So the assessee is entitled to full ITC.
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