VAT Paid On Purchases Is Required To Be Excluded For Computing Taxable Turnover
The Honorable Supreme Court in the case of State of Gujarat vs M/s. Ambuja Cement Ltd. held that the Value Added Tax (VAT) paid on purchases should not be considered for computing taxable turnover of purchases as per Section 11(3)(b) of the Gujarat Value Added Tax Act, 2003 (GVAT Act).