The SIKKIM VALUE ADDED TAX ACT 2005
sikkim · 2005
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- S. 1Shoft title, extert and commencement: (l) l his Act may be called Thc Sikkim value Added Tax Act
- S. 2Section amends the Sikkim Value Added Tax Act, 2005, to insert a quarterly abstract statement and modify the rate limit for tax purposes.
- S. 3Connuerciitl 'lhx Authorities
- S. 4ln the sa d Acl, ln section 4,_ (1) for sub_sect on (2), the foLlowing sr
- S. 5Section 5 allows the Commissioner to extend the registration period for value added tax registration as needed.
- S. 6ln lhe pr ncipatAcl, afte
- S. 7ln the pr nclpal Act, after Section 30, the Iollow ng section sha I be rnsejled, namety; r'30A
- S. 8Section 8 of the Sikkim Value Added Tax Act 2005 outlines the conditions under which dealers become liable to pay value added tax on their sales.
- S. 9Section 9 of the Sikkim Value Added Tax Act 2005 specifies conditions for tax on purchases of goods used in production or disposed of other than by sale.
- S. 10r' (1) Notwithsranding anyth ing contained in sub section (4)' the Commissioner may wheretlle goods seized under sectior
- S. 11Amendment ol 12
- S. 12Nil 1 per cent 4 per cent 4 percent I2
- S. 13Section 13 of the Sikkim Value Added Tax Act 2005 imposes tax on dealers for transferring property in goods used in works contracts and allows deductions for labor charges.
- S. 14Section 14 defines output tax and input tax for registered dealers under the Sikkim Value Added Tax Act 2005.
- S. 15—
- S. 16Section 16 allows certain small dealers to pay a fixed lower tax rate instead of regular tax, with penalties for non-compliance.
- S. 17Ccmpounding of tax liability in case ol Works Contract iB
- S. 18Information of awarding of Worl(s Contract
- S. 19Section 19 mandates tax deduction at source for payments to dealers from state or central government entities, with details on tax rates, certificates, and deposit requirements.
- S. 20Section 20 calculates net tax payable by registered dealers and unregistered dealers based on output and input tax, with provisions for negative tax adjustments.
- S. 21Section 21 allows registered dealers to claim input tax credit under specified conditions for purchases and sales within or between states.
- S. 2423 (iii) after clause (ii), ihe IolovJing claL
- S. 25Section amends records maintenance period and penalties for non-compliance with tax return and invoice provisions in Sikkim Value Added Tax Act.
- S. 26RegistratioD of dealers - (l) Subject to lhe otherprovisions oflhis Chaplel
- S. 28Se( urity to be l'urnishcd in (ertain casei- (l) The presc
- S. 29Section 29 imposes penalties for unregistered dealers failing to register within two months, with fines ranging from 5,000 to 10,000 rupees per month of delay.
- S. 30Section 30 mandates registered dealers to submit accurate quarterly and annual tax returns to the prescribed authority.
- S. 33Exemption f
- S. 35Section rounds off tax, interest, or penalty amounts to the nearest rupee, increasing if at least fifty paise.
- S. 36Collection oftax only b] dealers liable to pay tax- (1) \o cieeler'
- S. 37ielevant to
- S. 38Section 38 outlines procedures for assessing tax dues and penalties for non-compliance by registered dealers under the Sikkim Value Added Tax Act 2005.
- S. 39—
- S. 42Section 42 holds responsible individuals and officers in charge of a dealer's business for offenses under section 8, unless they prove lack of knowledge or due diligence.
- S. 43Section 43 outlines the process for determining and rectifying interest due or overpaid under the Sikkim Value Added Tax Act 2005.
- S. 45(2)
- S. 46Section 46 outlines procedures for forwarding and handling tax recovery certificates among Tax Recovery Inspectors and authorities in Sikkim.
- S. 47—
- S. 48Section 48 outlines the validity and special procedures for tax recovery certificates in Sikkim, disallowing certain objections and detailing the process for unrecovered amounts.
- S. 49(2
- S. 50(l) 12 (2) pe6on whoholds o
- S. 51& i$r qEn\ NerrYl rdi
- S. 52Section 52 of the Sikkim Value Added Tax Act 2005 addresses tax assessment and liability upon partition, disruption, or dissolution of a dealer's family, firm, or association.
- S. 53Section 53 outlines the procedures for recovering unpaid tax, penalty, and interest from dealers under the Sikkim Value Added Tax Act 2005.
- S. 55Section 55 mandates registered dealers to issue tax invoices for taxable sales, with specific details, except in certain exempt circumstances.
- S. 57(7) Tax invoice shall be issued in tr iplicate
- S. 58(1) 12) 48 (l) Ifan)dealerliabletogethisaccountsaudiledunde
- S. 59j is 6a 6i1
- S. 60fl) 49 (2) (3) (4) dealer, being aconsignee or consignor
- S. 61Section 61 presumes unregistered dealer's goods in undisclosed warehouse as unreported stock unless explained and documented.
- S. 62Section 62 allows authorized officers to inspect dealers' accounts, registers, and documents related to goods.
- S. 63Section 63 allows authorized officers to seize a dealer's accounts if tax evasion is suspected, for examination or prosecution.
- S. 64Section 64 authorizes officers to enter and search businesses to inspect records and goods, and establishes check posts to inspect transported goods for tax compliance.
- S. 66person carrying such goods, 1br inspection, at irny place wifiin hisiuisdiction and the prov isions ofsub-secaor t2
- S. 68Section 68 empowers authorized officers to seize and detain goods transported or stored in violation of tax provisions.
- S. 69Section 69 imposes a penalty up to 50% of the value of goods transported into Sikkim illegally, with seized goods to be released or auctioned if the penalty is not paid.
- S. 71—
- S. 72Section 72 outlines measures to prevent tax evasion, including seizure of goods and penalties for non-compliance.
- S. 73Appeal against assessmert
- S. 75The appeill pending i'ol more than five yea$ ftom dte appoi0ted day under thc Sikkim Sale,( Act, l9E3
- S. 76(
- S. 79Revision to Iligh Court- (l) An assessee who is dissatisfied $/ith thc decision of tl
- S. 80Section 80 allows High Court to hear revision or review applications with a bench of at least two judges.
- S. 81C)ffences and penalties: - ( 1) Whocver
- S. 83Compounding ofotrfences: - (1) Subjecl ro such conditio
- S. 85Retrrrn! etc
- S. 86—
- S. 87Section 87 requires dealers, transporters, and warehouse owners to furnish statements for value-added tax compliance.
- S. 88—
- S. 89—
- S. 90such clealer undel lhis Act,irnd in the event olany change oisuch mlnager (n-olhcr olliceN' the dealelshallsend a
- S. 91Section 91 outlines the continuation of business by a registered dealer; Section 92 addresses partial transfer of business by a registered dealer.
- S. 92(1) '74 rl) a3) lithe Lans feree
- S. 93Canccllation of registratioD and ttaDsfer of business I ' (1) The prescihe
- S. 94Barto proceeding in Civil Court:' (1) No assessment ma
- S. 95Section 95 of the Sikkim Value Added Tax Act 2005 prohibits appeals against certain tax orders and specifies tax payment methods.
- S. 96Section 96 empowers the state to set fees for appeals, reviews, revisions, and other miscellaneous applications under the Sikkim Value Added Tax Act.
- S. 97Powertomake rules: " (1) The State Govenrment may, by notification in the Ollicial Gazetle make rules for ctmying out th
- S. 98Section 98 exempts certain sales and tax matters from the Sikkim Value Added Tax Act 2005, preserving provisions under the repealed Act.
- S. 99TransitionalProvisions '100
- S. 100Section 100 repeals the Sikkim Sales Tax Act, 1983 for covered commodities but preserves rights, penalties, and existing proceedings under the repealed act.
- S. 101Section 101 provides the authority to address and resolve difficulties related to VAT schedules in Sikkim.