In a major relief to city's traders, Delhi government today approved the amendment to VAT (Value Added Tax) Act to allow the carry forward of Input Tax credit for traders.
The governmetn has also decided to call a two-day Assembly Session on March 24-25 for tabling Vote on Account for the first three months of the next financial year even as the budget will be presented in the month of June.
The decisions were taken in a cabinet meeting presided over by Deputy Chief Minister Manish Sisodia at the Delhi Secretariat here.
In the meeting, the cabinet approved the amendment to VAT (Value Added Tax) Act to allow the carry forward of Input Tax credit for traders.
According to government, traders were forced to claim refund, if any before the end of each financial year on March 31, on the Input Tax paid by them. This was a cumbersome process and traders faced the apprehension of lapse of any refund amount in case they failed to claim the reimbursement.
"The latest amendment, on being passed by the state assembly, will allow the traders to carry forward their credit for the successive financial years," Sisodia told reporters here.
"We have also decided to call a two-day Assembly Session on March 24 and 25 for the passage of the Vote on Account for the first three months of the next financial year, till the budget will be presented in the state assembly," he said.
