CHI Limited commenced an appeal before TAT following FIRS’ refusal to grant the company’s input VAT claims incurred on the purchase of gas, short-term spares and consumables against the output VAT charged on its final products. The company claimed that these items qualify as stock-in-trade according to the provisions of Section 17 of the VAT Act, and as such, VAT incurred on them should be recognised as part of its qualifying input VAT.
Source: mondaq.com
