Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.4 of 2015. VAT payable. Credit for input tax. Central Act 74 of 1956. [Act No.5 of 2005] 33 (1-A) Notwithstanding anything contained in this section, where any registered dealer has sold goods at a price lesser than the price of the goods purchased by him, the amount of the input tax credit shall be restricted to the amount of output tax.] (2) (a) A dealer registered as a VAT dealer on the date of commencement of the Act, shall be entitled to claim for the sales tax paid under Telangana General Sales Tax Act, 1957 50[on the stock held in any form in the State] on the date of commencement of the Act subject to the conditions and in the manner as may be prescribed: Provided that such goods should have been purchased from 01-04-2004 to 31-03-2005 and are goods eligible for input tax credit. (b) Subject to the conditions if any, prescribed, input tax credit shall be allowed to a VAT dealer on registering as VAT dealer if any input tax is paid or payable in respect of all purchases of taxable goods, where such goods are for use in the business as VAT dealer, provided the goods are in stock on the effective date of registration and such purchase occurred not more than three months prior to such date of registration. (3) A VAT dealer shall be entitled to claim- (a) input tax credit under sub-section (1), on the date the goods are received by him, provided he is in possession of a tax invoice; (b) input tax credit or sales tax credit under sub- section (2) on the date of registration, provided he is in possession of documentary evidence therefor.