Section 10(4) in The Goa Value Added Tax Act, 2005
(4)Notwithstanding anything contained in sub-section (2), the Government may allow, carry forward of excess input tax credit, if any, to such shorter period and grant refund of unadjusted portion thereof in respect of such goods to such registered dealer on such conditions and at such proportion as may be specified by the Notification in the Official Gazette.[Explanation. - (i) For the purposes of sub-sections (1) and (2) of this section, the input tax credit proportionate to the closing stock (other than stock of processed goods) at the end of financial year, shall be reversed and such amount shall be carried forward to the succeeding financial year as input tax credit corresponding to the opening stock. The term "processed goods", for the purposes of this sub-section, means finished or semi-finished goods produced or manufactured by the dealer and such goods shall be separately indicated.] [Inserted by the Amendment Act 2 of 2011.].
