Section 11(1) in Meghalaya Value Added Tax Act, 2003
(1)Subject to other provisions of this section, there shall be input tax credit of the amount of tax paid or payable by registered dealer in respect of his purchase of taxable goods for resale in Meghalaya or for use by him directly in the manufacture of taxable goods in Meghalaya and containers and other materials for the packing of such goods or inputs thereof in Meghalaya for sale in Meghalaya against the amount of tax or payable by him under this Act on the sales of taxable goods in Meghalaya.Explanation. - No input tax credit shall be available to a registered dealer for tax paid or payable at the time of purchase of goods if such goods are not sold because of any theft, loss or destruction for any reason, including natural calamity, and if a dealer has already taken any input tax credit against purchase of such goods there shall be reverse tax credit at the end of the month in which such goods are stolen, lost or destroyed.
