Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 14, in sub-section (6), (i) for clause (a), the following shall be substituted, namely:- "(a) tax paid on the purchases of goods used in the exploration, extraction, manufacture, processing or packing of goods specified in the First and the Fourth Schedule : Provided that an Oil Refinery shall not be eligible for input tax credit on the purchase of any goods including crude oil used in the refining, manufacturing, processing or packing of any petroleum products specified in the Fourth Schedule or in any other Schedule;"; (ii) for clause (f), the following shall be substituted, namely:- "(f) purchases of capital goods specified in the Seventh ·Schedule;" (iii) in clause (i), for the proviso, the following shall be substituted, namely:- "Provided that input tax credit shall be allowed for the tax paid on the raw materials in excess of the tax that would have been leviable had such raw material been sold in the course of inter- state trade or commerce to a registered dealer;".