Amendment status not verified — confirm the current text below against the official source.
Amendment of Section-16 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005)— (1) The first proviso to sub-section (1) of Section-16 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005) shall be substituted by the following, namely:- "Provided that if the claim for input tax credit under clause (a) or clause (b) or clause (c) or clause (d) or clause (e) for any month exceeds the output tax for the same month, such excess shall be carried forward for adjustment against the output tax of subsequent months: (2) After the first proviso to sub-section (1) of Section-16 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005), the following two new provisos shall be inserted, namely:- "Provided further that no excess of input tax credit, as aforesaid, shall be carried forward for adjustment against the output tax beyond a period of two years from the end of the financial year in which such excess arose and any amount of input tax credit that remains unadjusted after the expiry of the said period shall, subject to the provisions of section-68, section-69, section-69A and section-71 of this Act, be refunded within three months of the filing of the return relating to such excess: Provided also that no excess of input tax credit under the second proviso shall be carried forward for adjustment against the output tax of a month later than the last month of the financial year unless the claiming dealer furnishes such information and evidence as may be prescribed."