Tax Exemption to encourage Industrialization cannot be equated with Tax Refund

M/s. Ultratech Cement Limited Vs. State Of Gujarat And Ors. (Delhi High Court)

Exemption from tax to encourage industrialization cannot be equated with refund of tax. They are two different legal and distinct concepts. An exemption is a concession allowed to a class or individual from general burden for valid and justifiable reason. The underlying intention of exemption is to incentivize production and economic activity. VAT is an indirect tax passed on to the consumer. If an industry is exempt from tax t

Please become a Premium member. If you are already a Premium member, login here to access the full content.