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7B. Adjustment of tax due to retrospective reduction of tax liability by virtue of the Delhi Value Added Tax (Second Amendment) Act, 2005. A dealer, in consequence of the retrospective operation of -

7B Adjustment of tax due to retrospective reduction of tax liability by

virtue of the Delhi Value Added Tax (Second Amendment) Act, 2005

A dealer, in consequence of the retrospective operation of –

(a) the reduced rates of tax on the turnover pertaining to declared goods involved in the execution of works contracts and the works contracts which are in the nature of printing works in accordance with the provisions of section 4; or

(b) the eligibility to claim input tax credit on purchase of second hand goods from the resident seller under sub-section (2) of section 15; or

(c) the discharge of tax liability on works contracts in accordance with the provisions of sub-section (4) of section 105, shall re-compute his tax liability and shall make adjustments on account of excess amount of tax deposited under the Act, if any, in the first return which is due to be filed after the date of notification of the Delhi Value Added Tax (Fifth Amendment) Rules, 2005 2:

PROVIDED that the dealer shall not make the adjustments of the excess amount of tax deposited unless such excess amount has been refunded to the purchaser:

PROVIDED FURTHER that the dealer shall submit the proof of the amount so refunded to the purchaser along with his return mentioned above.

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Who We Are

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. . . . .