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Delhi Govt approves amendment to VAT Act

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New Delhi | Friday, Mar 13 2015 IST
Delhi Government today approved theamendment to VAT (Value Added Tax) Act to allow the carry forward of Input Tax credit for traders. The AAP government's cabinet meeting, was chaired by DeputyChief Minister Manish Sisodia, who is officiating in the absenceof chief minister Arvind Kejriwal. This was a demand which had been outstanding since many years. Prior to this, traders were forced to claim refund, if any,before the end of each financial year on March 31, on the InputTax paid by them.

This was a cumbersome process and traders faced theapprehension of lapse of any refund amount in case they failed toclaim the reimbursement. The latest amendment on being passed by the state assemblywill allow the traders to carry forward their credit for thesuccessive financial years.UNI NY SB RAI1926

-- (UNI) -- C-1-1-DL0134-39522.Xml

 
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