Amendment status not verified — confirm the current text below against the official source.
In l~ Punjab Value Added Ta.'t Act, 2005 (hereinaf\er ~r.:m:d 10 as the pnncipal Act). in JeCtion 2. In clause (:tg). in the Explanauon. aftcr lI('m (7). u.., follo\.\inll itml sh311 be 3ddcd. rwnely:- "(3) The amount recii\'ed or recciVllbk by oil compamcs for !he $ilk of diesel and petrot wit be dccmed 10 be equivalent 10 !he price. on ..hich tho: ret.all outlcu ....ill setl these eommodillcs 10 the """"'""". J. In the principal Act. after section 3. !he following Sf:Clion sI\:lJl be inserted, nnmely:. "B-A. (I) Notwithstanding anything contained in any provision of this Act, the State Government, ifsatisfied that it is neoe:ssary or expedient KIlO do in public interest. INY. by notifICation in the OffICial Gatttte. direct thai in respect of any good5 or dilSS of goods • person may. al h" option, pay such lump-sum laX. subjcc:t 10 such conditions., 11$ the Stall: Government may specify in the DOtiflCllion. (2) In case. a ptrSOn opu, for payment of lump- sum tax, under sulHcction (I). be shall l'IOt. - (0) issue VAT invoice for sale of aoods mack by him, and fI() taxlIble penon, to whom goods llR: sold by such pe~n. shall be cOlitled to claim any input tax credit in respect of such sale: and (b) be entitled to claim lUI)' input tax credit and "pun:ha5e made by him. (3) The penon. ....'ho lias opted under sub-section (I) shall ~ at liberty 10 c:ancel his optioa by makin& an applic::ation 10 the designated otlica in such form., as INIY be preKribed~.