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Delhi To Allow Traders To Carry Forward Input Tax Credit

by Mary Swire, Tax-News.com, Hong Kong

20 March 2015


Delhi's Government has approved an amendment to the VAT Act to enable taxable persons to carry forward input tax credits.

The amendment will remove a current restriction that input tax credits must be offset against output tax by the end of the financial year, March 31.

"Before this, traders were forced to claim refunds, if any, before the end of each financial year on the input tax paid by them. The amendment will allow them to carry forward their credit to successive financial years," Delhi's Deputy Chief Minister, Manish Sisodia, told reporters.

TAGS: tax | value added tax (VAT) | India | VAT legislation | tax credits | legislation | trade | VAT refunds

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