Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No 39 of 2007 and substituted by Act No. 21 of 2011. 26 [Act No.5 of 2005] 34[(i) [XXX]] (8) Every Value Added Tax dealer who transfers the right to use goods taxable under the Act for any purpose whatsoever, whether or not for a specified period, to any lessee or licensee for cash, deferred payment or other valuable consideration, in the course of his business shall, on the total amount realized or realizable by him by way of payment in cash or otherwise on such transfer of right to use such goods from the lessee or licensee pay a tax for such goods at the rates specified in the Schedules. 35[(8A) Notwithstanding anything contained in sub- section (8), a producer of a feature film, who transfers the right to use the film to the distributors or the exhibitors for the purpose of exhibiting such films in the theatres, may opt to pay tax by way of composition as may be prescribed. Explanation:- wherever tax is paid under sub-section (8A) by any producer in respect of any film, the subsequent transfer of right to use such film for exhibition in the theatre shall not be liable to tax under sub-sections (8) and (8A).] 36[(8B) Any dealer other than the producer of a feature film may, in lieu of the tax payable by him under sub-section (8), opt to pay by way of composition an amount of tax 37[at the rate of five percent (5%)] of the total amount, received or receivable by him towards transfer of right to use any goods subject to the conditions, as may be prescribed: Provided that, wherever the tax is paid under this sub- section, the subsequent transfer of right to use such goods shall not be liable to tax under sub-section (8).]