Amendment status not verified — confirm the current text below against the official source.
(2) The excess input tax credit after adjustment under sub-Section (1) may be carried over as an input tax credit to the subsequent period or periods. (3) In case where input tax credit is carried forward, a quarterly credit statement may be submitted by the dealer concerned and the claims shall be scrutinised by the prescribed authority. Explanation-I – Notwithstanding anything contained in this Act, no input tax credit shall be admissible by a registered dealer, where there is nil turnover by such registered dealer for a consecutive twelve * months. * (Substituted vide Notification No. LG-165 dated 04-11-2016) Explanation-II - The Explanation-I shall not be applicable in the circumstances of dealers registered u/s 22 and 58. Explanation-III - The period or periods for the purpose of this Section, shall mean one calendar month or quarter or year. (Explanations added by Jharkhand VAT Ordinance, 2011 - w.e.f. 01.04.2010) **(deleted vide notification no. LG 13/leg dated 01.02.2018)