23. Input tax credit where identification of goods is possible.

 Where a taxable person has used the goods purchased partially for taxable sales and maintained commodity-wise account of his purchases and its use in production and/or sales, correlates such purchases with sales of taxable goods, the input tax credit for the tax period or return period, shall be an amount of VAT paid or payable on such purchases as reduced by the reverse in put tax credit ,if any:
Provided that in respect of goods specified in sub-sections (2) and (3) of section 13 of the Act, input tax credit shall be availed only to the extent by which the amount of tax paid in the State exceeds four percent, and the amount calculated above shall be reduced by a sum calculated in accordance with the following formula, namely : -
P x 4

Explanation : ā€œPā€ is purchase price excluding the tax amount representing the sum in respect of the goods, which are disposed of in a manner referred to in sub-section (2) and 3 of section 13.