Section 15(2) in Daman and Diu Value Added Tax Regulation, 2005
(2)Subject to the provisions of sub-section (1), the registered dealer shall be entitled to an amount of tax credit which shall be the lowest of the following, namely: -(a)the input tax borne by the seller who was residing in Daman and Diu when he purchased the goods;(b)the tax fraction of the initial cost of the goods to the seller residing in the Daman and Diu;(c)the tax fraction of the fair market value of the goods at the time of their purchase by the registered dealer;(d)the tax fraction of the consideration paid by the registered dealer for the goods.
