20. Conditions for input tax credit.-

(1) The input tax credit under section 11 shall be available to a registered dealer, if such dealer has, -

(a) in his possession the original VAT invoice, issued to him by a taxable person, from whom purchase of such goods has been effected, wherein tax has been separately charged; and

(b) maintained proper accounts recording therein, in chronological order, all purchases of goods eligible for input tax credit and all adjustments thereto;

(2) No input tax credit shall be available in respect of the goods specified in the Schedule appended to these rules.