Bare ActsThe Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf

Section 12

Reverse tax credit

Amendment status not verified — confirm the current text below against the official source.

If goods are purchased intended for use specified in sub-section (1) of Section 11 and are subsequently used fully or partly for purpose other those specified under the said sub-section, the input tax credit availed at the time of such purchase, calculated in such manner as may be prescribed, shall be reduced from the tax credit for the period which the said utilisation otherwise has taken place.

Section 12 – The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf | DailyLaw.ai