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The Jharkhand Value Added Tax Act, 2005
CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX

Body 19. Input tax credit exceeding tax liability:- (Omitted w.e.f. 01-07-2017)

(1) If the input tax credit of a registered dealer other than an exporter selling goods outside the territory of India determined under Section 18 of this Act for a period, exceeds the tax liability for that period, the excess credit shall be set off against any outstanding tax payable, penalty or interest payable; under this Act as well as under CST Act 1956.

(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.

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.