Credit can be claimed when exempted by-products are obtained while producing taxable goods under the UP VAT Act
Last updated: 11 November 2023
Court :
Supreme Court of India
Brief :
The Hon'ble Supreme Court in the case of M/s. Modi Naturals Ltd. v. The Commissioner of Commercial Tax UP [Civil Appels No. 5822-5823 of 2023 dated November 6, 2023] allowed the appeal filed and held that, the Assessee can claim the full amount of Input Tax Credit ("ITC") on Rice Bran procured for manufacturing of Rice Bran Oil and exempted products under the provisions of the Uttar Pradesh Value Added Tax Act, 2008 ("the UP VAT Act"),thereby holding that Explanation (iii) to Section 13 of the UP VAT Act, forbids the Assessing Authority from raising any dispute with respect to allowing ITC in cases where the exempted goods are produced as by-product or waste product during the process of manufacturing.
Citation :
Civil Appels No. 5822-5823 of 2023 dated November 6, 2023
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Bimal Jain
Published in VAT
Views : 186
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