Amendment status not verified — confirm the current text below against the official source.
Amendment of section 24 of the Valued Added Tax Act, 2005.-(1) Sub- section (1A) of section 24 of the Value Added Tax Act shall be substituted by the following, namely:- “(1A) Every person, being a registered dealer shall furnish, to the prescribed authority, a true and complete return, in the form and manner prescribed, in respect of all his transactions relating to sales, purchases, receipts and dispatches of goods and any other transactions prescribed specially for each quarter, on or before such date as the Commissioner may, by notification, specify: Provided that different dates may be specified in respect of different categories of registered dealers.” (2) Sub-sections (4) and (4A) of section 24 of the Value Added Tax Act shall be deleted. (3) Sub-section (5) of section 24 of the Value Added Tax Act shall be substituted by the following, namely:- “(5) If the due date prescribed for the filing of any return happens to be a holiday, the next date on which the office opens shall be deemed to be the due date.” (4) The words, figures and brackets “in sub-section (1A) or sub-section (2) or sub- section (3) of sub-section (4)” after the words “contained in” in sub-section (6) of section 24 of the Value Added Tax Act shall be substituted by the words, figures and brackets “in sub- section (1A) or sub-section (3). (5) The words, figures and brackets “or sub-section (4) or sub-section (4A)” after the words “or sub-section (3)” in the first proviso to sub-section (6) of section 24 of the Value Added Tax Act shall be deleted. (6) The words, figures and brackets “quarterly return under sub-section (1A) or the quarterly statement or sub-section (4)” after the words “furnished a” in sub-section (7) of section 24 of the Value Added Tax Act shall be substituted by the words, figures and brackets “return under sub-section (1A). 7 बहार गजट (असाधारण), 8 मई मई मई मई 2017 (7) The words, figures and brackets “or sub-section (4A) or the quarterly statement under sub-section (4)” after the words “or sub-section (3)” in sub-section (8) of section 24 of the Value Added Tax Act shall be deleted. (8) The words, figures and brackets “other than a dealer permitted to pay tax under the sub-section (1) and sub-section (4) of section 15” after the words “Every dealer” in clause (a) sub-section (9) of section 24 of the Value Added Tax Act shall be deleted. (9) Clause (b) of sub-section (9) of section 24 of the Value Added Tax Act shall be deleted. (10) Sub-section (10) of section 24 of the Value Added Tax Act shall be substituted by the following, namely:- “(10) If a dealer, required to furnish the return under sub-section (1A), fails to pay the amount of tax payable according to the provisions of sub-section (9), such dealer shall be liable to pay interest – (a) in respect of tax payable under sub-section (9), by him in accordance with the return or revised return, as the case may be; or (b) in respect of the tax payable for the period for which he has failed to furnish returns under sub-section (1A), at the rate of one and a half percent per month of the amount due from the date the tax so payable had become due to the date of its payment. Explanation: For the purposes of this sub-section — (i) where the period of default in payment of tax covers a period less than a month, the interest payable on such tax in respect of such period shall be computed proportionately; (ii) month shall mean thirty days.”