Excess tax credit remaining at the end of a tax period can either be claimed as refund or carried forward to next tax period of the same year.

J. Excess payment made inadvertently shall also be treated as credit in a month or tax period as the case may be.]

'{11A Tax on goods supplied by contractee

Rule: Nil Form: Nil No tax shall be payable under this Act by a contractor on the amount

representing the value of the goods supplied by the contractee to the contractor in the

execution of works contract in which the ownership of such goods remains with the

contractee under the terms of the contract and the amount representing the value of the goods supplied by the contractee to the contractor does not form part of the contract and is not deductible from the amount payable to the contractor by the contractee for the execution of the works contract.]

12 Time at which turnover, turnover of purchases and adjustments arise |Rule: 4 | Form: Nil |

1. (1) Subject to sub-sections (2), (3) and (4) of this section, the amount of the turnover and the turnover of purchases of a dealer which arises during any tax period shall be the amount recorded in the accounts of the dealer where those accounts are regularly and systematically prepared and maintained, give a true and fair view of his dealings, and are employed by the dealer in determining the turnover of the dealer’s business for commercial or income tax purposes.
2. (2) The Commissioner may by notification —
   • (a) permit certain classes of dealer to record turnover based on amounts paid or received; and (b) require certain classes of dealer to record turnover based on amounts payable or receivable.
3. (3) Where a dealer wishes to change the method of determining the turnover and turnover of purchases, he may only make the change with the consent of the Commissioner and on such terms and conditions as the Commissioner may impose. ' Section 11A was inserted vide DVAT (Second Amendment) Act, 2005; No. F.14(29)/LA/ 2005/333, dated 16.11.2005 w.e.f. 16.11.2005. Delhi VAT Act as on 5" March 2014 Sec. 12
4. (4) The Government may prescribe the time at which a dealer shall treat the —
   • (a) turnover;
   • (b) turnover of purchases; and
   • (c) adjustment of tax or adjustment to a tax credit; as arising for a class of transactions. Sec. 13 Delhi VAT Act as on 5" March 2014