Amendment status not verified — confirm the current text below against the official source.
49[(1) Subject to the conditions, prescribed if any, an input tax credit shall be allowed to the TVAT dealer for the tax charged and paid by the seller in respect of all purchases of taxable goods, made by the purchaser VAT dealer during the tax period, if such goods are purchased within the State from a registered VAT dealer for the purpose of,- (i) Resale by him within the State; or use as input in the manufacturing or processing of goods in the State; or (ii) Use as containers, labels and other materials for packing of goods in the State; or (iii) Use as capital goods in the manufacture of taxable goods; or (iv) Sale in the course of inter-State trade or commerce falling under sub-section (1) of the Central Sales Tax Act, 1956: Provided that no input tax credit shall be allowed in respect of the tax paid on the purchase of goods specified in Schedule - VI and input tax credit, if already allowed, shall be reversed in the manner, as may be prescribed.