Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 14, - ~ I l\ (i) in sub-section (3), for the words "The input tax credit", appearing in the beginning, the words "Subject to other provisions of this section the input tax credit" shallbe'substinited; (ii) after sub-section 0', a new sub-section (3A) shall be inserted, namely:- "(3A) Notwithstanding anything contained in this section, if goods, other than the goods specified in the Fourth Schedule, which are taxable , at the rate of four percent or above under this Act, are sold in the course of interstate trade or commerce to a registered dealer at the ': ,,' concessional rate of ,!ax ' applicable under sub-section (I) of section 8 of the Central Sales Tax Act, 1956, the input tax credit shall be reduced by the amount of tax calculated.atthe rate of two percent of the purchase price excluding tax of such 'goods or the raw materials and packingmaterials used in the manufacture of such goods. Such input tax credit shall bereduced in the month in which such interstate sales take place."; (iii) in sub-section (6), - (a) in clause (h), for the existing proviso, the following shall be substituted, namely:- "Provided that input tax credit may be allowed for the tax paid in excess of the amount of tax calculated at the rate of four percent on the purchase price excluding tax ofgoods."; Central Act74 or 1956. THE ASSAM GAZETTE, EXTRAORDINARY, APRIL 26, 2013 1025 Amendment of section 74. Amendment of section 79. Amendment of section 89. Amendment of section 103. (b) in clause (i), for the existing proviso, the following shall be substituted, namely:- "Provided that input tax credit may be allowed for the tax paid in excess of the amount of tax calculated at the rate of four percent on the purchase price excluding tax of raw materials utilized in manufacture ofgoods.".