KVAT: Kerala HC allows credit of Advance Tax Paid on stock-transfer

Hillwood Furniture Pvt Ltd Vs Assistant Commissioner (Kerala High Court) In a significant judgment, the Kerala High Court addressed the issue of advance tax credit on stock-transferred goods in the case of Hillwood Furniture Pvt Ltd Vs Assistant Commissioner. The petitioner, Hillwood Furniture Pvt Ltd, challenged the restriction on credit for advance tax paid under Circular No. 50/2006, which was limited to amounts in excess of 4%. This ruling highlights crucial interpretations of the Kerala Value Added Tax Act, 2003 (KVAT Act), and provides clarity on the treatment of advance tax in stock-tra...