Amendment status not verified — confirm the current text below against the official source.
The net amount of Value Added Tax for a tax period payable shall be determined after the adjustment of tax credit in the manner as may be prescribed. 14.(1) (a) Notwithstanding anything contained in this Act, the Commissioner may, in such circumstances and subject to such conditions as may be prescribed, permit any dealer,54 [whose total turnover has not exceeded fifty lakhs] in the previous year, to pay lump sum tax in lieu of the amount of tax payable under section 7 of this Act : 55["Provided that the Commissioner shall not grant permission to pay lump sum tax under sub-section (1) to a dealer who,— (i) sells the goods in the course of inter-State trade and commerce or exports goods out of the territory of India, (ii) 56[has purchased in the previous year or] purchases the goods in the course of inter-State trade and commerce 57[has imported in the previous year or] or imports goods from a place out of the territory of India, (iii) dispatches the goods to his branch or his consigning agent outside the State or 58[have received in the previous year or] receives the goods from his branch situate outside the State or from consigning agent outside the State, (iv) 59[was engaged in the previous year or] engaged in the activity of the manufacture other than such activity as State Government may, by order in writing specify, (v) 60[has effected in the previous year or] effects the sales or purchases through the commission agent, (vi) effects the sales falling under sub-clause (b) or (d) of clause (23) of section 2, or 61[ * * * * * * ]