Amendment status not verified — confirm the current text below against the official source.
In the West Bengal Value Added Tax Act, 2003,— (1) in section 2,— (a) for clause (6), the following clause shall be substituted:-- `(6) "capital goods" means plant and machinery, other than civil structure, for use directly in the manufacture of goods in the State and such other goods as the State Government may, by notification, specify, but shall not include second hand plant and machinary;'; (b) sub-clause (ba) of clause (11) shall be omitted; (c) after clause (14), the following clause shall be inserted:— `(14A) "fair market value", in relation to any goods, means the price which such goods would ordinarily fetch on sale in the open market on the date of sale or despatch or transfer of such goods;'; (d) in clause (29), for the words "means any place where a dealer has set up a business of selling or purchasing goods or", the word "means" shall be substituted; (e) after clause (30), the following clause shall be inserted:— `(30A) "prevailing market price" means such wholesale price of any goods in force in the open market as published by the Bureau of Applied Economics and Statistics of the State or any other authorised agency or in the newspaper and in cases where no such wholesale price as published is available, the price at which such goods is sold by the West Bengal Essential Commodities Supply Corporation Limited or any other similar agency on the date of sale of such goods;'; (2) in section 8B,— (a) in sub-section (1), in clause (b), for the words "within one hundred and twenty days from the date of receipt of notice of demand,", the words "within one hundred and twenty days or within such further time as may be allowed by the Settlement Commission from the date of receipt of notice of demand," shall be deemed to have been substituted with effect from the 1st day of August, 2006; (b) to sub-section (2), in the Explanation, for clause (d), the following clause shall be deemed to have been substituted with effect from the 1st day of August, 2006:— "(d) a notice of demand served to a dealer for realisation of tax, interest or .penalty, if any, on an assessment made, or for realisation of penalty imposed other than in assessment, under this Act or the Central Sales Tax Act, 1956, where such amount 74 of 1956. of tax, interest or penalty, if any, remains unrealised from the dealer who has been registered as a sick unit with the Board for Industrial and Financial Reconstruction."; (3) in section 8C, in sub-section (6),— (a) for the words "such three months.", the words "such three months:" shall be substituted; (b) the following proviso shall be added:— "Provided that in case any application cannot be disposed of within a period of three months from the date of receipt of such application for any reason other than disagreement of terms and conditions of settlement between the dealer and the Commissioner, the Commissioner shall state in its order the reasons for such delay."; (4) in section 22,— (a) in sub-section (4),— (i) in clause (d), for the words "raw materials and consumable stores", the words "raw materials" shall be substituted; PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 28, 2008 The West Bengal Finance Act, 2008. (Section 9.) (ii) in clause (h) for the words "raw materials, capital goods and consumable stores", the words "raw materials and capital goods" shall be substituted; (b) in sub-section (7),— (i) in clause (b),— (A) for the words "raw materials, consumable stores", the words "raw materials" shall be substituted; (B) for the words "the amount calculated at the rate of four per centum:", the words "the amount calculated at the rate of three per centum or such other rate as may be prescribed:" shall be substituted; (ii) in the first proviso, for the words "four per centum", the words "three per centum or such other rate as may be prescribed" shall be substituted; (c) in sub-section (8), for the words "raw materials and consumable stores", the words "raw materials" shall be substituted; (d) in sub-section (9),— (i) in clause (d), for the words "raw materials and consumable stores", the words "raw materials" shall be substituted; (ii) in clause (g), for the words "raw materials and consumable stores", the words "raw materials" shall be substituted; (e) after sub-section (13), the following sub-sections shall be inserted:— "(13A) Where the per unit sale price of any goods is less than per unit purchase price of such goods, input tax credit or input tax rebate in respect of such goods shall be restricted to the amount of output tax payable on sale of such goods: Provided that where a registered dealer has already enjoyed input tax credit or input tax rebate in excess of what is admissible according to this sub-section, such excess credit shall be reversed to the extent to which he is not eligible. (13B) Where any goods purchased in the State are subsequently sold at subsidised price, the input tax credit or input tax rabate in respect of such goods shall be restricted to the amount of output tax payable on sale of such goods."; (f) in the NEGATIVE LIST, in the entry in column (2) against serial No. 8 in column (1), for the words "capital goods, raw materials, consumable stores," the words "capital goods and raw materials" shall be substituted; (5) in section 24, in sub-section (1), to clause (b), the following proviso shall be added:— "Provided that a dealer who is not required by section 23 to be registered but intends to be registered under this clause shall have a turnover of sales or contractual transfer price, as the case may be, during a year exceeding rupees fifty thousand,"; (6) in section 24A, in sub-section (1),— (a) for the words and figures "section 10, or section 11,", the word and figures "section 10" shall be substituted; (b) for the words, letters and figures "the 31st day of October, 2006," the words, letters and figures "the 30th day of September, 2008," shall be substituted; (c) for the words "one per centum", the words "one-half per centum" shall be substituted; 10 THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 28, 2008 [PART III The West Bengal Finance Act, 2008. (Section 9.) (d) for the words "in respect of the period commencing on and from the appointed day", the Words "in respect of the period commencing on and from the appointed day where such dealer is liable to pay tax from the appointed day, or on and from any day after the appointed day where such dealer is liable to pay tax from such day after the appointed day," shall be substituted; (7) in section 29,— (a) in sub-section (1), in clause (e), for the words "net tax and interest payable", the words, figures and brackets "net tax, late fee as referred to in sub-section (2) of section 32 and interest payable" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (b) in sub-section (4),— (i) for the words "penalty calculated at such amount not exceeding rupees two thousand for each month of default or part thereof, as may be prescribed", the words, figures and brackets "late fee as referred to in sub-section (2) of the section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (ii) in the proviso, for the words "net tax,", the words, figures and brackets "net tax, interest, and late fee as referred to in sub- section (2) of section 32," shall be deemed to have been substituted with effect from the 1st day of April, 2007;"; (8) in section 30E,— (a) in the marginal note, for the words "accounts or declarations", the words "accounts, audit reports or declarations" shall be deemed to have been substituted with effect from the 1st day of April, 2005; (b) after sub-section (1), the following sub-sections shall be deemed to have been inserted with effect from the 1st day of April, 2005:— "(1A) Every registered dealer, other than Public Limited Company or Private Limited Company registered under the Companies Act, 1956, whose turnover of sales or contractual transfer price or both exceeds rupees forty lakh in a year, shall, within such date as may be prescribed, submit before the prescribed authority a Profit and Loss Account and Balance Sheet for such year, along with the audit report of a Chartered Accountant in the prescribed form. (1B) Every registered dealer, being a Public Limited Company or Private Limited Company registered under the Companies Act, 1956, shall, within such date as may be prescribed, submit before the prescribed authority a copy of the audited Profit and Loss Account and Banalce Sheet for such year, along with the audit report of any Chartered Accountant in the prescribed form."; (c) in sub-section (1A),— (i) for the words "the audit report of a Chartered Accountant in the prescribed form", the words and figures "the audit report of a Chartered Accountant within the meaning of the Chartered Accountant Act, 1949, or a Cost Accountant within the meaning of the Cost and Works Accountant Act, 1959, in the prescribed form" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (ii) for the words "rupees forty lakh in a year", the words "rupees one crore in a year" shall be substituted with effect from the 1st day of April, 2008; 1 of 1956. 38 of 1949. 23 of 1959. RT III] THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 28, 2008 11 The West Bengal Finance Act, 2008. (Section 9.) (d) in sub-section (1B), for the words "the audit report of any Chartered Accountant in the prescribed form", the words and figures "the audit report of any Chartered Accountant within the meaning of the Chartered Accountant Act, 1949, or any Cost Accountant within the meaning of the Cost and Works Accountant Act, 1959, in the prescribed form" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (e) for sub-section (2), the following sub-section shall be deemed to have been substituted with effect from the 1st day of August, 2006:— "(2) If a registered dealer fails to submit statements, accounts, audit reports or declarations, as the case may be, referred to in sub- section (1), sub-section (1A) or sub-section (1B), he shall be liable to pay a penalty not exceeding rupees five thousand for each default, in the manner as may be prescribed."; in CHAPTER V, in the heading, for the words "interest, penalty,", the words "interest, penalty, late fee," shall be deemed to have been substituted with effect from the 1st day of April, 2007; in section 31,— (a) in the marginal note, for the words "interest, penalty", the words "interest, penalty, late fee" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (b) after clause (a), the following clause shall be deemed to have been inserted with effect from the 1st day of April, 2007:— "(aa) of late fee payable or due under this Act, or"; (c) in clause (e), for the words, letter and brackets "in clause (a)", the words, letters and brackets "in clause (a), clause (aa)" shall be deemed to have been substituted with effect from 1st day of April, 2007; (11) in section 32,— (a) in sub-section (2),— (i) for the words, figures and brackets "Every dealer required by sub-section (1) to furnish a return shall, before furnishing such return, pay the full amount of the net tax, interest, and penalty calculated at such amount not exceeding rupees two thousand for each month of default or part thereof as may be prescribed, if any, payable according to such return, in the manner as provided in section 31 and shall furnish along with such return, a receipt from the appropriate Government Treasury referred to in that section showing the payment of such amount:", the following words, figures and brackets shall be deemed to have been substituted with effect from the 1st day of April, 2007:— "Every dealer required by sub-section (1) to furnish a return shall be liable to pay such late fee not exceeding rupees two thousand for each month or part thereof of delay in furnishing return, as may be prescribed, and pay, before furnishing such return, the full amount of the net tax, interest and late fee, if any, payable according to such return in the manner as provided in section 31 and shall furnish along with such return, a receipt from the appropriate Government Treasury referred to in that section showing the payment of such amount:"; (b) in the first proviso,— (i) for the words "or penalty of amount not exceeding rupees two thousand for each month of default or part thereof as may be prescribed,", the words ", or late fee referred to in this sub- section," shall be deemed to have been substituted with effect from the 1st day of April, 2007; 38 of 1949. 23 of 1959. 12 THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 28, 2008 [PART III The West Bengal Finance Act, 2008. (Section 9.) (ii) for the words "such tax or interest or penalty", the words "such tax or interest or late fee" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (iii) for the words "net tax, interest and penalty", the words "net tax, interest and late fee" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (c) in the second proviso, for the words "net tax, interest and penalty, if any", the words "net tax, interest and late fee," shall be deemed to have been substituted with effect from the 1st day of April, 2007; (d) in sub-section (3),— (i) for the words "net tax or interest", the words, figures and brackets "net tax, late fee as referred to in sub-section (2) of section 32 or interest" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (ii) for the words "net tax and interest if any,", the words, figures and brackets "net tax, late fee as referred to in sub-section (2) of section 32 and interest," shall be deemed to have been substituted with effect from the 1st day of April, 2007; (e) after sub-section (4), the following sub-section shall be inserted:— "(5) Notwithstanding anything contained in this section, the returns may be filed electronically by such class of dealers, and in such manner, as may be prescribed."; (12) in section 41,—. (a) for sub-section (1), the following sub-section shall be deemed to have been substituted with effect from the 1st day of April, 2005:— "(1) Every return furnished under sub-section (1), or sub-section (3), of section 32, shall be scrutinized by the Commissioner to ascertain that— (a) the return so furnished is correct and complete and is accompanied by all the documents as are required to be furnished along with such return in accordance with the provision of the Act and rules made thereunder; and (b) the correctness of the calculation of input tax credit or input tax rebate, net tax and late fee as referred to in sub- section (2) of section 32, including application of proper rate of tax payable according to such return, and the payment of interest payable under sub-section (1) or sub- section (3) of section 33, or both, if any, and payment of such net tax, late fee as referred to in sub-section (2) of section 32 and interest."; (b) in sub-section (2),— (i) for the words "to rectify the mistake", the words, figure and brackets "to rectify the mistake or to furnish such information required for making the return correct and complete or to furnish the documents as referred to in sub-section (1)" shall be substituted; (ii) for the words "net tax payable in deficit", the words, figures and brackets "net tax, or late fee as referred to in sub-section (2) .of section 32, payable in deficit" shall be substituted with effect from the 1st day of April, 2007; (iii) for the words, figures and brackets "interest payable under sub-section (1) of section 33, if any," the words, figures and brackets "interest payable under sub-section (1) or sub- section (3) of section 33, or both, if any," shall be deemed to have been substituted with effect from the 1st day of April, 2005; PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 28, 2008 13 The West Bengal Finance Act, 2008. (Section 9.) (c) in sub-section (3), for the words, figures and brackets "furnished, under sub-section (1) of section 32.", the words, figures and brackets "furnished under sub-section (1), or sub-section (3), of section 32." shall be deemed to have been substituted with effect from the 1st day of April, 2005; (d) in sub-section (4), for the words "net tax, or interest", the words, figures and brackets "net tax, or late fee as referred to in sub- section (2) of section 32, or interest" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (13) in section 42,— (a) in sub-section (1),— (i) for the words "incorrect statement", the words "incorrect or incomplete statement" shall be substituted; (ii) for the words "incorrect particulars", the words "incorrect or incomplete particulars" shall be substituted; (b) in sub-section (2), for the words "correct and complete," the words and figures "correct and complete, or whereupon scrutiny of the return under section 41 or otherwise, the Commissioner notices certain discrepancies in the return," shall be substituted; (14) in CHAPTER VII, in the heading, for the word "interest", the words, figures and brackets "interest and late fee as referred to in sub- section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (15) in section 45,— (a) in sub-section (1),— (i) in clause (b), for the words "the unpaid amount of net tax and interest, if any,", the words, figures and brackets "the unpaid amount of net tax, interest, and late fee as referred to in in sub-section (2) of section 32," shall be deemed to have been substituted with effect from the 1st day of April, 2007; (ii) in clause (c), for the words "net tax or interest thereon", the words, figures and brackets "net tax, interest, and late fee as referred to in sub-section (2) of section 32 thereon" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (iii) in clause (d), for the words "the unpaid amount of net tax or interest", the words, figures and brackets "the unpaid amount of net tax, interest, and late fee as referred to sub-section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (iv) in the first proviso,— (A) for the words "six months from,", the words "six months from" shall be deemed to have been substituted with effect from the 1st day of April, 2005; (B) for the words "making payment of net tax,", the words, figures and brackets "making payment of net tax, interest and late fee as referred to in sub-section (2) of section 32," shall be deemed to have been substituted with effect from the 1st day of April, 2007; 14 THE KOLKATA GAZEllE, EXTRAORDINARY, MARCH 28, 2008 [PART III The West Bengal Finance Act, 2008. (Section 9.) (b) in sub-section (2),— (i) in clause (b),— (A) for the words "the net tax or interest", the words, figures and brackets "the net tax, interest, and late fee as referred to in sub-section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; and (B) for the words "the unpaid amount of net tax or interest", the words, figures and brackets "the unpaid amount of net tax, interest, and late fee as referred to in sub-section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (ii) for the words, figure and brackets "provisional assessment under sub-section (3),", the words "provisional assessment" shall be deemed to have been substituted with effect from the 1st day of August, 2006; (16) in section 46, in sub-section (1),— (a) in clause (b), for the words "net tax or interest", the words, figures and brackets "net tax or interest or late fee as referred to in sub- section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (b) in clause (f), for the words "net tax or interest", the words, figures and brackets "net tax or interest or late fee as referred to in sub- section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (17) in section 47, in sub-section (4), for the words "net tax or interest", the words, figures and brackets "net tax or interest or late fee as referred to in sub-section (2) of section 32" shall be deemed to have been substituted with effect from the 1st day of April, 2007; (18) in section 49, in sub-section (1), the following provisos shall be inserted:— "Provided that any assessment under section 46 in respect of the year that ended on the 31st day of March, 2006 or part of such year shall, notwithstanding the provision of this sub-section, be made on or before the 30th day of September, 2008: Provided further that where an assessment under clause (c) of sub- section (1) of section 46 is required to be made upon report received under section 43, such assessment shall, notwithstanding the provisions of this sub-section, be made within the date, as referred to in this sub-section, after which no assessment can be made or at any time within two years from the date of such report, whichever is later."; (19) in section 50, in sub-section (3), for the words and figures "after the date of assessment under section 46 or section 48", the words and figures "after the date of assessment under section 45 or section 46 or section 48" shall be deemed to have been substituted with effect from the 1st day of April, 2005; (20) after section 53, the following section shall be deemed to have been inserted with effect from the 1st day of April, 2007:— "Determination of