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R.27 Computation of admissible amount of input tax credit for an assessment year U.P. VAT RULES

R.27 Computation of admissible amount of input tax credit for an assessment year-

(1) Admissible amount of input tax credit for any assessment year shall be computed using the expression:

A + B + C

Where -

(a) “A” represents aggregate of amounts of input tax for such assessment year net of aggregate of amounts of reverse input tax credit for the assessment year;

(b) “B” represents the amount of input tax credit carried forward from the tax return of the last tax period of the assessment year preceding such assessment year; and

(c) “C” represents the aggregate of amounts of installments, if any, of input tax in respect of capital goods purchased on or after the date from which dealer has become liable for payment of tax and in respect of goods held in opening stock on the date on which dealer has become liable for payment of tax.

(2) Where, for any assessment year, expression in sub-rule (1) results in a negative figure, the dealer shall, without prejudice to his liability for payment of interest on such amount, deposit such amount of negative figure before submitting tax return for the last tax period of such assessment year.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .