Input credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 October 2013
One of my Assessee had claimed VAT Credit on purchase of Capital Goods. Afterwards, the Co. received subsidy from the government against the same Machinery. Now, VAT Department demands the VAT Credit to be reversed proportionately. However, there are no provisions regarding reversal of ITC on receipt of subsidy under GVAT. Is my stand legally tenable? Please make reference to case law, if any
24 October 2013
if you have received the subsidy for entire amount including ITC, then department may invoke the provision of "principle of unjust enrichment" to demand the reversal of ITC.
i.e. you can not take benefit of same amount twice, so you have to reverse the input
i.e. you can not take benefit of same amount twice, so you have to reverse the input
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