The Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005 came into force on 1 April 2005. It is applicable:
● For all industrial units eligible as per provisions of this scheme
● On sale of manufactured goods
The NPV dealer must show the complete output VAT amount in the invoice for the purchaser to claim it as input credit. Such invoice must be marked as “Restrictive Tax Invoice”.
NPV dealer can show 75%of the output that has emerged from “Restricted Tax Invoice” as input tax under 7.v of e-VAT form. If the purchaser who purchased from NPV dealer, sells the goods:
● Outside the state, he can avail the tax credit only to the extent of CST collected or actual input tax amount, whichever is less.
● Within the state (local sales), he can fully avail tax credit. Else he can avail tax credit to the extent of CST collected or actual input tax, whichever is less.