Amendment status not verified — confirm the current text below against the official source.
THE HIMACHAL PRADESH VALUE ADDED TAX ACT, 2005 29 benefit of input tax credit to such registered dealer issuing or accepting such tax invoice, retail invoice, bill or cash memorandum or other invoice either prospectively or retrospectively from such date as he may fix. 1(16) If a dealer, — (a) falsely claims Input Tax Credit in his returns to which he is not entitled, the Commissioner or the Assessing Authority shall direct such dealer to pay, by way of penalty, in addition to the tax and interest payable by him, a sum equal to 2[xxx] the amount of such claim or credit; and (b) claims incorrect Input Tax Credit in his returns, the Commissioner or the Assessing Authority shall direct such dealer to pay, by way of penalty, in addition to the tax and interest payable by him, a sum equal to 3―twenty five‖ percentum of the amount of such claim or credit. Explanation: — (i) For the purpose of clause (a) ―falsely‖ means excessive claim made deliberately with the intent to affect revenue interest adversely; and (ii) For the purpose of clause (b) ―incorrect‖ means excessive claim due to wrong calculation without any intension to affect revenue interest adversely. Net tax payable.