Section 10(1) in Tripura Value Added Tax Act, 2004
(1)For the purpose of calculating the net tax payable by a registered dealer for any tax period after being registered, an input tax credit as determined under this section shall be allowed to such registered dealer for the tax paid or payable in respect of [all taxable purchase of goods as mentioned in schedule VIII and] [Inserted vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007)] all taxable sales other than such sales as may be prescribed subject to the following conditions:(a)Input tax credit on capital gods except those mentioned in negative list in Schedule IV shall be adjusted against tax payable by a dealer over a period not exceeding three years.Provided that in case of closure of business before the period specified above, no further input tax credit shall be allowed and input tax credit carried forward, if any, shall be forfeited.(b)In respect of exporting dealers, input tax credit may be spread over a period less than 3 years as may be prescribed.(c)Input tax credit is to be given only after commencement of sale of taxable goods ['and purchase of taxable goods as mentioned in schedule VIII.'] [Inserted vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007)](d)In respect of inputs used in taxable goods sent on stock / consignment transfer, tax paid in excess of 4% or the prevailing rate of C. S. T. on such inputs is to be credited.(e)Tax paid in excess of 4% on petroleum products used as fuel (other than petrol, Aviation Turbine Fuel and diesel and other fuels when used as fuel in production of taxable goods or captive power is to be entitled for input credit. However, no input tax credit will be given if petroleum product is used as fuel in motor vehicle.(f)Input tax credit shall be allowed during the return period. Refund of excess tax credit shall be allowed only after the end of the financial year.
