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VAT2005-15
NOTIFICATION
No. FD 56 CSL 2005(2) Bangalore, Dated 18.04.2005
 
In exercise of the powers conferred by clause (a) of sub-section (3) of Section 42 of the Karnataka Value Added Tax Act, 2003 (Karnataka Act No. 32 of 2004), the Government of Karnataka hereby defers with effect from the first day of April, 2005, the output tax payable by a new industrial unit under the said Act, on the sale of goods manufactured by it, subject to the following conditions and procedure, namely,-
 
  1. The industrial unit is eligible for deferment of tax on the sale of goods manufactured by it, under the notification issued by the Government under the provisions of the Karnataka Sales Tax Act, 1957 (Karnataka Act, 25 of 1957).
  2. The deferment of tax extended in this notification shall be limited to the un-availed portion of period and extent of deferment of tax extended in the relevant notification and any Government Order and also subject to the overall tax concession originally extended.
  3. The amount of tax deferred under this notification shall be paid by the industrial unit after the expiry of the period of deferment and in such instalments, as specified in the relevant notification.
  4. The unit claiming deferment of tax under this notification shall be eligible for input tax rebate as specified under the said Act, without any deduction in the output tax payable and on the industrial unit filing the return as specified under the said Act, such input tax rebate except that relating to capital goods shall be refunded within thirty five days after the end of the month to which the return relates, if it is furnished within the time specified under Section 35 of the said Act or within fifteen days from the date of filing of the return, if it is filed after the time specified, in the manner prescribed under the said Act by the jurisdictional authority and interest shall be paid for any delay in the refund, as specified under the said Act. Input tax relating to capital goods shall be rebated as prescribed in the Karnataka Value Added Tax Rules, 2005.
  5. The industrial unit claiming deferment of tax under this notification shall file an application before the jurisdictional Joint Commissioner of Commercial Taxes within 30th April, 2005, giving details of the extent and period of deferment of tax extended, availed and the balance, the relevant notification under which it was availing the deferment of tax and the date from which it intends to claim deferment of tax under this notification.
  6. The jurisdictional Joint Commissioner of Commercial Taxes shall issue a Certificate of Entitlement regarding the deferment of tax available to the industrial unit under this notification, within ten days from the date of filing of an application by following the procedure of prescribed under the Karnataka Value Added Tax Rules, 2005.
 
 
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