Rule 37(5) read with Rule 15(6) of the Gujarat VAT Rules provide for provisional refund of upto 90% of the unadjusted `input tax credit’ (ITC) where the ITC (other than ITC on capital goods) admissible in the relevant period remains unadjusted against the output tax and if such unadjusted ITC is claimed as a refund [...]
This article appeared in Forbes India Magazine of February, 2012 The court hearings had gone on through all of August. On September 8, 2010, the Bombay High Court was packed to the rafters with newspaper reporters of all hues. There was a battery of lawyers representing the Government of India and telecom giant Vodafone. There [...]