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TMI BlogTax credit Rules 6&7X X X X Extracts X X X X X X X X Extracts X X X X ..... les which are not liable to tax under section 7 of this Act involve exports from Delhi whether to other States or Union territories or to foreign countries.] (2) No tax credit shall be allowed - (a) in the case of the purchase of goods for goods purchased from a person who is not a registered dealer; (b) for the purchase of non-creditable goods; (c) for the purchase of goods which are to be incorporated into the structure of a building owned or occupied by the person; Explanation: This sub-section does not prevent a tax credit arising for goods and building materials that are purchased either for the purpose of re-sale in an unmodified form, or for the performance of a works contract on a building owned or occupied by another; (d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny adjustment or reduction of a tax credit in certain instances. Explanation: A person may object in the manner referred to in section 74 of this Act to a decision of the Commissioner to reject a method of calculating a tax credit. (6) 8[Notwithstanding anything contained to the contrary in sub-section (1), where-] (a) a dealer has purchased goods (other than capital goods) for which a tax credit arises under sub-section (1) of this section; (b) the goods or goods manufactured out of such goods are to be exported from Delhi by way of transfer to a - (i) non-resident consignment agent; or (ii) non-resident branch of the dealer; and (c) the transfer will not be by way of a sale made in Delhi; the amount of the tax credit shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such capital goods are sold and only after adjusting the output tax payable by him: 11[Provided further that where the dealer transfers such capital goods from Delhi otherwise than by way of sale before the expiry of three years from the date of purchase, he shall, after claiming the balance amount of the input tax, if any, not availed earlier in respect of such capital goods, reduce the input tax credit by the prescribed percentage of the purchase price of such capital goods and make adjustments in the input tax credit in the tax period in which these capital goods are so transferred. Provided also that where a dealer has purchased capital goods and the capital goods are to be used partly for the purpose of making sales referred to in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5[(11) Subject to sub-section (1), (2) and (3) of this section, the teat credit of goods to be used for sale, as defined in sub-clause (vi) of clause (zc) of sub-section (1) of Section 2 of the Act, shall be allowed as -follows: (a) 1/4th of the input tax on such goods arising in the tax period, in the same tax period; (b) balance 3/4th of such input tax, in equal proportions, in corresponding tax periods, in three immediately successive financial years.] ***************** 1. Substituted vide DVAT (Amendment) Act, 2005; No. F.14(6)/LA-2005/112, Dated 28.03.2005, w.e.f. 01.04.2005. 2. Substituted vide Delhi Value Added Tax (Amendment) Act, 2009 [Notification no. F.14(16)/LA-2009/LJ/10/LC LAW/1 dated 6-1-2010], earlier it was read as, "w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e.f. 16.11.2005. before it was read as:- "Provided further that where the dealer exports from Delhi such capital goods otherwise than by way of sale, the dealer shall be allowed as tax credit, the balance amount of the input tax , if any, in respect of such capital goods as has not been availed earlier as tax credit, in the tax period in which such capital goods are transferred and as reduced by the prescribed percentage of the purchase price of such capital goods :" 12. Substituted vide DVAT (Second Amendment) Act, 2005; No.F.14(29)/LA/2005/333, Dated 16/11/05. w.e.f. 16.11.2005. before it was read as:- "reduced". 13. Inserted vide Notification No.F.14(6)/LA-2012/cons2law/61, Dated 15.06.2012, w.e.f. 18.06.2012. 14. Substituted vide THE ..... X X X X Extracts X X X X X X X X Extracts X X X X
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