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| 10 Adjustment to tax credit | |
10 Adjustment to tax credit(1) Where any purchaser has been issued with a credit note or debit note in terms
of section 51 of this Act or if he returns or rejects goods purchased, as a consequence
of which the tax credit claimed by him in any tax period in respect of which the
purchase of goods relates, becomes short or excess, he shall compensate such short or
excess by adjusting the amount of the tax credit allowed to him in respect of the tax
period in which the credit note or debit note has been issued or goods are returned.
(2) If goods which have been purchased were -
(a) intended to be used for the purposes specified under sub-section (1) of
section 9 of this Act and are subsequently used, fully or partly, for purposes other
than those specified under the said sub-section; or
(b) intended for purposes other than those specified under sub-section (1) of
said section 9 of this Act, and are subsequently used, fully or partly, for the purposes
specified in the said sub-section;
the tax credit claimed in respect of such purchase shall be reduced or
increased (as the case may be) for the tax period during which the said utilization
otherwise has taken place.
(3) Where –
(a) goods were purchased by a dealer;
(b) the dealer claimed a tax credit in respect of the goods, and did not reduce
the tax credit by the prescribed percentage; and
1[(c) the goods are exported from Delhi, -
(i) by way of a sale made as per the provisions of sub-section (1) of section
8 of the Central Sales tax Act, 1956; or
(ii) other than by way of a sale, to a branch of the registered dealer or to a
consignment agent;]
the dealer shall reduce the amount of tax credit originally claimed by the
prescribed proportion
(4) If goods which have been purchased by a dealer were –
(a) intended to be used for the purposes specified under sub-section (1) of
section 9 of this Act; and
(b) are subsequently incorporated into the structure of a building owned or
occupied by the person;
the tax credit claimed in respect of such purchase shall be reduced in the
tax period during which such incorporation takes place.
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Amit R Gupta
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