Amendment status not verified — confirm the current text below against the official source.
(4) A newly set up industrial unit or an existing industrial unit,— (a) where such newly set up industrial unit was established and commissioned by the dealer for manufacture of goods in West Bengal for the first time on or after the 1st day of April, 1989, but not later than the 31st day of March, 1993, or (b) where such existing industrial unit was established before the 1st day of April, 1989 and expanded on or before the 31st day of March, 1993, and has enjoyed, or has been entitled to enjoy, the benefit of deferment of payment of tax in respect of such newly set up industrial unit or the expanded portion of such existing industrial unit in accordance with the corresponding provisions of the Bengal Finance (Sales Tax) Act, 1941 or the West Bengal Sales Tax Act, 1954, as they stood on the 14th day of April, 1993, shall continue to enjoy or to be entitled to enjoy such benefit in accordance with such corresponding provisions of the said Act. (5) Subject to such conditions and restrictions as may be prescribed, a dealer who has enjoyed the benefit of deferment of payment of tax under this section may, in addition to such benefit as enjoyed by him, be eligible, if he so opts, for further deferment of payment of such amount of tax or the aggregate of the amounts of tax as may be equivalent to the capital investment subsidy receivable by him under any scheme approved by the State Government for such period, not exceeding four years from such date, as may be prescribed. (6) A registered dealer shall not be eligible for deferment of payment of tax under this section in respect of any sale of goods manufactured in his newly set up industrial unit or expanded portion of his existing industrial unit, if he once opts for remission of tax under section 41, section 42 or section 43 in respect of sale of such goods manufactured in such industrial unit. (7) The tax deferred under sub-section (1) shall be paid, in such manner as may be prescribed, by a registered dealer into a Govern- ment Treasury or the Reserve Bank of India after such period, at such intervals, in such instalments, and by such dates, as may be prescribed. 493 The West Bengal Sales Tax Act, 1994. [West Ben. Act (Chapter VI—Incentives to industrial units—tax holiday, deferment of payment of tax and remission of tax.—Section 40.) (8) Notwithstanding anything contained in section 31 and section 32, no interest shall be payable by a registered dealer on the tax deferred under sub-section (1) until the amount of tax so deferred becomes payable in the prescribed manner referred to in sub-section (7), and where such registered dealer fails to make payment of tax under sub-section (7) in the prescribed manner and by the prescribed date, he shall pay a simple interest at the rate of two per centum for each British calendar month of default from the first day of such month next following such prescribed date up to the month preceding the month of full payment of such tax or up to the month preceding the month of commencement of proceedings under section 52, whichever is earlier, upon so much of the amount of such tax payable by him in accordance with the provisions contained in sub-section (7) as remains unpaid at the end of each such month and all other provisions of section 31 or section 32 and those of section 49 and section 50 shall apply accordingly. (9) A registered dealer availing of the benefit of deferment of payment of tax under this section shall, notwithstanding such deferment, furnish return as required by section 30 and the rules made thereunder. (10) Where the tax payable by a dealer in respect of a year or part of a year is deferred under sub-section (I) and where a loan liability equal to the amount of tax so deferred is created by such authority as the State Government may, by special or general order, specify, and such loan liability is admitted by such dealer in the prescribed manner for the prescribed eligible period, such tax shall be deemed to have been paid in accordance with the provisions of sub-section (4) of section 30 and section 47, as the case may be, in respect of the year or part of a year for which such tax is payable by, or due from, such dealer, and such deferred tax shall become due for payment under sub-section (7), at the expiration of the said eligible period. (1 I ) For the contravention of any provisions of this Act or the rules made thereunder, the benefit of deferment of tax under sub-section (1) shall, subject to such conditions and restrictions as may be prescribed, be discontinued even before the expiry of the eligible period referred to in sub-section (2). ( I 2) A newly set up industrial unit or an existing industrial unit,— (a) where such newly set up industrial unit was established and commissioned by a dealer for manufacture of goods in West Bengal for the first time on or after the 1st day of April, 1993, but not later than the day immediately before the appointed day, or (b) where such existing industrial unit was established before the 1st day of April, 1989 and expanded before the appointed day, 494 The West Bengal Sales Tax Act, 1994. XLIX of 1994.] Ben. Act VI of 1941. \ Vest Ben. Act IV of