Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 108,- (i) in sub-section {1 ),- (a) in the first paragraph for the words "three months", the words "twelvf3 montl'\s" shall be substituted; (b) after sub-clause (iii), full stop "." ~·:1all tH.' "iubstituted by colon ":" and thereafter the following proviso shalt be inserted, namely:- Central Act 74 of1956 THE ASSAM GAZETTE, EXTRAORDINARY, APRIL 19, 2005 "Provided that no tax credit under this section can be claimed in respect of the finished goods held as opening stock on the date of commencement of this Act, if such goods were manufactured out of tax paid raw material or capital goods."; (ii) in sub-section (3), for the word, "nine", the word "six" shall be substituted; (iii) for sub-section (5), the following shall be substituted, namely:- "(5)(a) Where documentary evidence of sales tax charged _or paid is available, the value on which the sales tax was calculated shall be used as the basis for claiming the credit. The tax rate applied to that value shall be the tax rate under this Act or under the Assam General Sales Tax Act, 1993, since repealed, whichever is lower. (b) in the ~bsence of the evidence specified at clause (a) the amount that can be claimed as credit shall be based on ninety percent of the purchase value. The tax component which can be claimed as a credit shall be calculated by the use of the tax fraction applied to this value. The tax rate applied to the reduced purchase value shall be the tax rate under this Act or under the Assam General Sales Tax Act, 1993, whichever is lower." Amendment