State Act

Jharkhand Value Added Tax Act, 2005

19. ** Input tax credit exceeding tax liability — (1) If the input tax credit of a registered dealer other than an exporter selling goods outside the territory of India determined under Section 18 of this Act for a period, exceeds the tax liability for that period, the excess credit shall be set off against any outstanding tax payable, penalty or interest payable under this Act as well as CST Act 1956. (2) The excess input tax credit after adjustment under sub-Section (1) may be carried over as an input tax credit to the subsequent period or periods. (3) In case where input tax credit is carried forward, a quarterly credit statement may be submitted by the dealer concerned and the claims shall be scrutinised by the prescribed authority. Explanation-I – Notwithstanding anything contained in this Act, no input tax credit shall be admissible by a registered dealer, where there is nil turnover by such registered dealer for a consecutive twelve * months. Explanation-II - The Explanation-I shall not be applicable in the circumstances of dealers registered u/s 22 and 58. Explanation-III - The period or periods for the purpose of this Section, shall mean one calendar month or quarter or year.