12. Rebate on input in stock at the time of commencement of the Act

12.    Rebate on input in stock at the time of commencement of the Act.- Any registered person having, on the date of commencement of this Act, any stock of inputs, purchased by him, before such commencement, of payable excise duty under the Excises and. Salt Act. 1944 (1 of 1944) or sales tax under the Sales Tax Ordinance, 1982 (XVIII of 1982) or at any time after the commencement of this Act, value added tax paid inputs, used for the production or manufacture  of  any goods subject to newly imposable value added tax, may, with the approval of the  concerned officer, take rebate of input tax against payable  output  tax  for  such  inputs  purchased  during  the  period  at  the  rate  and  in accordance with the procedure set by Rules.

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