VAT Excluded from Taxable Turnover Calculation under GVAT Act: Supreme Court

In a significant ruling, the Supreme Court of India has upheld the Gujarat High Court’s decision, affirming that Value Added Tax (VAT) and the value of purchases on which no tax credit was claimed or granted should be excluded from the taxable turnover of purchases under the Gujarat Value Added Tax Act, 2003 (GVAT Act).

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