Amendment status not verified — confirm the current text below against the official source.
In section 53 of the Nagaland Value Added TaxAct2005, after sub-section 3, the following shall be inserted, namely:- "(4) Notwithstanding anything contained in this Act, the Government may, by notification,publish in the official gazette and subject to suchconditions and restrictions, if any, as may be specified the~zin, permit any dealer liable to pay tax on sales effected by way of transfer ofproperty in goods (whether as goods or in some other fom) involved m the execution of a works contract, to pay, at his option in lieu of the amount of the tax payable by him under thisAct, an amount by way of composition at the rate as may be specified in the said notification but not exceedmg four per centum of the total contract value of the works contract. Conditions Without any deductions whatsoever With deduction on account of labor and service charges subject to a maximum of40% of the total value of works contract. (5) Notwithstanding anything contained in this Act, the Government may, by notification, publish in the official gazette and subject to such conditions and restrictions as may be specified therein, permit any class of dealer to pay in lieu of the tax payable under this Act, for any period, an amount linked with the production capacity or the extent of the business, or calculated at a fixed rate of gross receipts of business or such other thing, to be determined by the Government by way of composition, and to be paid at such intervals and in such manner as may be prescribed, and the Government for the purpose of this Act may, in respect of such class of dealers, prescribe a simplified system Rate of tax 4% 12.5% of maintenance of accounts and filing of returns which shall remain in force during the period of such composition. (6) A dealer in whose case compositionunder this section is in force, shall not:- (i) Be entitled to any claim ofITC in respect ofthe purchase of any goods by him in the State; (i) Charge any tax on the invoices in respect of sales of goods made by him, and (ii Issue tax invoices to any dealer who has purchased to goods fiom him."