Guj-VAT Notification: Disallowance of ITC

June 30, 2010
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In a latest Notification dtd.29-Jun-2010, the Gujarat Government has notified –

1.       Input Tax Credit will be reduced by 2% on taxable turnover of Purchases when –

a.       the goods are sold / resold in the course of inter-state trade and commerce; 

b.      the goods are used as input including raw material in the manufacture of goods which are sold in the course of inter-state trade and commerce.

This disallowance of ITC shall not be applicable to precious metals, jewellery, spices, etc. mentioned in Entry 13 of Sch-II; and

2.       No Input Tax Credit will be available on naphtha, natural & associated gas & LSHS used in fertilizer industries for manufacturing of fertilizers of any kind.

These amendments are effective from 1-Jul-2010.

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