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 10, in sub-section (3), in clause (b), in the proviso, for the words "five lakh rupees", the words "ten lakh rupees" shall be substituted; (2) in section 14,— (a) in sub-section (4), for the words "five lakh rupees", occurring in two places, the words "ten lakh rupees" shall be substituted; (b) in sub-section (5), for the words "five lakh rupees", the words "ten lakh rupees" shall be substituted; (c) in sub-section (6), for the words "five lakh rupees", the words "ten lakh rupees" shall be substituted; (d) in sub-section (7), for the words "five lakh rupees", the words "ten lakh rupees" shall be substituted; (e) in sub-section (8), for the words "five lakh rupees", the words "ten lakh rupees" shall be substituted; (3) in section 16, in sub-section (2),— (a) in clause (c), for the words and figures "under section 19", the words, figures and brackets "under sub-section (1) of section 19" shall be substituted; (b) after clause (c), the following sub-clause shall be inserted:— "(d) at such rate as may be fixed by the State Government under sub-section (2) of section 19, on such sales as represents sales of any goods specified in Schedule D in respect of which such rate has been fixed."; (4) section 19 shall be renumbered as sub-section (1) of that section, and after sub-section (1) so renumbered, the following sub-section shall be inserted:— "(2) Notwithstanding anything contained in sub-section (1), the State Government may, by notification, fix the amount of tax payable, subject to such terms and conditions, if any, as may be notified, on the sale of goods or sale of a class of goods specified in Schedule D, on the basis of weight, volume, measurement or unit of such goods, and different amounts of tax may be fixed for sales of different items of such goods in respect of a specified area or whole of the State."; PART THE KOLKATA GAZE 11E, EXTRAORDINARY, MARCH 24, 2015 7 The West Bengal Finance Act, 2015. (Section 8.) (5) in section 22,— (a) in sub-section (4), to the second proviso, the following proviso shall be added:— "Provided also that where a registered dealer purchases any duty credit scrip from another registered dealer and utilises the same for import of goods to be used for the purpose of manufacturing of taxable goods within the State, input tax credit on the same shall be available to him under clause (d) or clause (h) or both."; (b) after sub-section (4), the following sub-section shall be inserted:— "(4A) The input tax credit or input tax rebate in respect of a transaction involving taxable goods shall be available to the purchasing dealer— (a) if the amount of tax is actually paid by the selling dealer in respect of such transaction by way of deposit into appropriate government treasury or by way of including such tax in the total amount of output tax shown in the relevant return submitted under section 32 by the selling dealer, and upon payment of the net tax payable as per the return; and (b) the amount of input tax credit or input tax rebate shall not exceed the amount of tax so paid by the selling dealer in respect of such transaction."; (c) in sub-section (13), in clause (a), after sub-clause (iii), the following sub-clause shall be inserted:— "(iv) purchases goods and avails input tax credit or input tax rebate on such purchases to the extent by which such input tax credit or input tax rebate is in excess of what he is entitled to enjoy in accordance with sub-section (4A); or"; (6) in section 24A,— (a) in sub-section (1), for the words, figures and letters "the 31st day of December, 2012", the words, figures and letters "the 31st day of July, 2015" shall be substituted; (b) in sub-section (3), for the words "date of order granting such registration", the words "date of submitting complete application for such registration" shall be substituted; (7) in section 30E,— (a) in sub-section (1A), for the words "whose turnover of sales or contractual transfer price or both, or turnover of purchases exceeds rupees five crore in a year", the words "whose turnover of sales including stock transfer outside the State or contractual transfer price or both or turnover of purchases including stock transfer into the State exceeds rupees ten crore in a year" shall be substituted; (b) for sub-section (1C), the following sub-section shall be substituted:— "(1C) Every registered dealer, other than those mentioned in sub-section (1A) or sub-section (IB), who are required to get his accounts audited under the provision of the Income Tax Act, 1961, 43 of 1961. shall, within such date as may be prescribed, submit a copy of the audit report as required to be furnished under that Act together with a copy of the Profit and Loss Account and Balance Sheet for such year."; 8 THE KOLKATA GAZE! th, EXTRAORDINARY, MARCH 24, 2015 [PART IR The West Bengal Finance Act, 2015. (Section 8.) (8) in section 33,— (a) in sub-section (1), for the words "at the rate of twelve per centum per annum", the words, figures and letter "at the rate as specified in section 34B" shall be substituted; (b) in sub-section (2), for the words "at the rate of twelve per centum per annum", the words, figures and letter "at the rate as specified in section 34B" shall be substituted; (c) in sub-section (3), for the words "at the rate of twelve per centum per annum", the words, figures and letter "at the rate as specified in section 34B" shall be substituted; (9) in section 34,— (a) in sub-section (1), for the words "at the rate of twelve per centum per annum", the words, figures and letter "at the rate as specified in section 34B" shall be substituted; (b) in sub-section (3), for the words "at the rate of twelve per centum per annum", the words, figures and letter "at the rate as specified in section 34B" shall be substituted; (10) in section 34A, for the words "at the rate of twelve per centum per annum", the words, figure and letter "at the rate as specified in section 34B" shall be substituted; (11) after section 34A, the following section shall be inserted:— "Rate of interest