The state assembly today passed a bill amending the Tamil Nadu Value Added Tax Act, 2006 with retrospective effect to avoid double refund of tax paid by industries and to safeguard the interest of dealers.
Some industries availing incentives as part of the overall TN indusrial policies and industrial investment promotion subsidy were claiming refund of excess input tax credit, the Statement of objects to the TN Value Added Tax (Amendment) Bill 2016 said.
In an effort to avoid the situation of double refund of the tax and to safeguard the interest of dealers, the governemnt came up with the amendment, it added.
It was done with retrospective effect from January 1, 2007, so as to allow dealers to avail input tax credit.
Minister for Commercial Taxes and Registration M C Sampath moved the Bill which was adopted by a voice vote.
