Amendment status not verified — confirm the current text below against the official source.
Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed: Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section: Provided further that nothing contained in this section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor General ofIndia or an auditor appointed for auditing the accounts oflocal authorities under any law for the time being in force."; (5) in section 50, in sub-section (1), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017:- "Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect ofthe said period, shall be payable on that portion of the tax which is paid by debiting the electronic cash ledger."; (6) in section 74, in Explanation.-1, in clause (ii), for the words and figures "sections 122, 125, 129 and 130", the words and figures "sections 122 and 125" shall be substituted; (7) in section 75, in sub-section (12), the following Explanation shall be inserted:-- 'Explanation.- For the purposes of this sub-section, the expression "self-assessed tax" shall include the tax payable in respect of details of outward supplies furnished under section 37, but not included in the return furnished under section 39.'; (8) in section 83, for sub-section (1), the following sub-section shall be substituted: "(1) Where, after the initiation of any proceeding under Chapter XII, Chapter XIV or Chapter XV, the Commissioner is of the opinion that for the purpose of protecting the interest of the Government revenue it is necessary so to do, he may, by order in writing, attach provisionally, any property, including bank account, belonging to the taxable person or any person specified in sub-section (lA) of section 122, in such manner as may be prescribed."; (9) in section 107, to sub-section (6), the following proviso shall be added: "Provided that no appeal shall be filed against an order under sub-section (3) of section 129, unless a sum equal to twenty-five per cent. ofthe penalty has been paid by the appellant."; 3 4 THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 26, 2021 The West Bengal Finance Act, 2021. (Section 3.) (10) in section 129,- (a) in sub-section (1),- (i) for clause (a), the following clause shall be substituted:- "(a) on payment of penalty equal to two hundred per cent. of the tax payable on such goods and, in case of exempted goods, on payment of an amount equal to two per cent. of the value of goods or twenty-five thousand rupees, whichever is less, where the owner of the goods comes forward for payment of such penalty;"; (ii) for clause (b), the following clause shall be substituted:- "(b) on payment of penalty equal to fifty per cent. of the value of the goods or two hundred per cent. of the tax payable on such goods, whichever is higher, and in case of exempted goods, on payment of an amount equal to five per cent. of the value of goods or twenty-five thousand rupees, whichever is less, where the owner of the goods does not come forward for payment of such penalty;"; (b) sub-section (2) shall be omitted; (c) for sub-section (3), the following sub-section shall be substituted:- (3) The proper officer detaining or seizing goods or conveyance shall issue a notice within seven days of such detention or seizure, specifying the penalty payable, and thereafter, pass an order within a period of seven days from the date of service of such notice, for payment ofpenalty under clause (a) or clause (b) of sub-section (1)."; (d) in sub-section (4), for the words "No tax, interest or penalty", the words "No penalty" shall be substituted; (e) for sub-section (6), the following sub-section shall be substituted:- "(6) Where the person transporting any goods or the owner of such goods fails to pay the amount of penalty under sub-section (1) within fifteen days from the date of receipt of the copy of the order passed under sub-section (3), the goods or conveyance so detained or seized shall be liable to be sold or disposed of otherwise, in such manner and within such time as may be prescribed, to recover the penalty payable under sub-section (3): . Provided that the conveyance shall be released on payment by the transporter of penalty under sub-section (3) or one lakh rupees, whichever is less: Provided further that where the detained or seized goods are perishable or hazardous in nature or are likely to depreciate in value with passage of time, the said period of fifteen days may be reduced by the proper officer."; (11) in section 130,- (a) in sub-section (1), for the words "Notwithstanding anything contained in this Act, if', the word "Where" shall be substituted; (b) in sub-section (2), in the second proviso, for the words, brackets and figures "amount of penalty leviable under sub-section (1) of section 129", the words "penalty equal to hundred per cent. of the tax payable on such goods" shall be substituted; (c) sub-section (3) shall be omitted; [PART II PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 26, 2021 The West Bengal Finance Act, 2021. (Section 3.) (12) for section 151, the following section shall be substituted: "Power to call for