Section 42(4A) in Uttar Pradesh Value Added Tax Act, 2008
(4A)The industrial unit availing or granted benefit of exemption from tax on the turnover of purchase before the date of commencement of this Act shall be entitled for exemption by way of refund of Earned Input Tax Credit computed on the basis of data declared in the documents submitted along with the return of tax period in prescribed manner and on fulfilling the following conditions that,-(a)the industrial unit shall hold valid Certificate of Entitlement issued by the Commissioner as provided under sub-section (3);(b)the amount of refund shall not be more than an amount equal to input tax credit earned during relevant tax period,(c)the refund shall be subject to the provisions of section 40 except that the amount shall not be adjusted against the admitted tax liability,(d)the facility of refund shall cease on the day when the amount or the period mentioned in the Certificate of Entitlement, whichever is earlier,(e)the facility of exemption from tax by way of refund shall be available only in respect of raw material, processing material, consumable stores, fuel other than petrol and diesel, lubricant, required for use in manufacture of goods or in the packing of manufactured goods mentioned or described in the Certificate of Entitlement(f)the amount of exemption from tax by way of refund on the turnover of purchase of goods, shall be deducted from the total amount mentioned or described in the Certificate of Entitlement.(g)the industrial unit has not misused the facility of exemption from tax in any manner.Explanation. - "Earned Input Tax Credit" means the amount of admissible Input Tax Credit computed on the basis of data declared in the returns of tax period where industrial unit was availing benefit of exemption under the erstwhile Act.
