Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in sub-section (4) of section 30 or section 47, the tax payable by a registered dealer under this Act according to his returns referred to in sub-section (2) of section 30 or the tax due from him according to a notice issued under section 47 shall, subject to the other provisions of this section or the rules made thereunder, be deferred,— (a) in the case of a newly set up industrial unit in West Bengal, from the prescribed date on which such tax becomes payable according to such return in a year during the period referred to in sub-section (2) in respect of sales of goods, other than such goods as may be prescribed, manufactured in such unit or goods purchased for use directly in the manufacture of such goods, or (b) in the case of an existing industrial unit in West Bengal which has been expanded on approval of the State Government, from the prescribed date on which such tax becomes payable according to such return in a year during the period referred to in sub-section (2) in respect of sales of goods, other than such goods as may be prescribed, manufactured in the expanded portion of such industrial unit on utilisation of the added capacity of the plant and machinery installed therein or goods purchased for use directly in the manufacture of such goods, for such period, not exceeding nine years, as may be prescribed, and different periods may be prescribed for different such newly set up or existing industrial units, having regard to the location of such units in different areas as may be prescribed: Provided that deferment of payment of tax payable by a dealer in respect of sales of goods manufactured by him in such industrial units situated in any of the areas prescribed under this sub-section may be restricted to sales of such class or classes of goods as may be prescribed: Tax holiday for new small-scale industrial units. Deferment of payment of tax in respect of new and existing industrial units. 491 The West Bengal Sales Tax Act, 1994. [West Ben. Act (Chapter Ill.—Incentives to industrial units—tax holida); deferment of payment of tax and remission of tax.—Section 40.) Provided further that the period prescribed under this sub-section and sub-section (2) may, subject to such conditions and restrictions as may be prescribed, be extended by two years in the case of such industrial units as may be prescribed, where investment in fixed capital assets exceeds one hundred crore rupees. (2) The period in respect of which the dealer is eligible for deferment of tax under sub-section (1) (hereinafter referred to as the eligible period) shall commence,— (a) in respect of a newly set up industrial unit in West Bengal, from the prescribed date on which such tax becomes first payable according to such return in respect of goods manufactured in such unit or goods purchased for use directly in the manufacture of such goods, or (b) in respect of an existing industrial unit in West Bengal, from the prescribed date on which such tax becomes first payable according to such return in respect of goods manufactured in such unit on utilisation of the added capacity of new plant and machinery installed therein by way of expansion on approval by the State Government or goods purchased for use directly in the manufacture of such goods, and shall expire on the completion of such period, not exceeding nine years, or eleven years in the case of the industrial units referred to in the second proviso to sub-section (1), from such commencement as may be prescribed, and different periods may be prescribed in respect of different such newly set up or existing industrial units, having regard to the location of such units in different areas: Provided that payment of tax shall not be deferred after the amount of tax or the aggregate of the amounts of tax payable from the date referred to in sub-section (2) exceeds any of the limits prescribed under sub- section (3) at any time before the expiry of the eligible period. (3) The amount of tax or the aggregate of the amounts of tax payable that the dealer is eligible for deferment under sub-section (1) for the whole of the eligible period shall be,— (a) in the case of a newly set up industrial unit in West Bengal, such percentage of the gross value of the fixed capital assets as stand on the date of first commercial production in such unit, or (b) in the case of an existing industrial unit in West Bengal which has been expanded on approval of the State Government, such percentage of the gross value of the fixed capital assets as stand on the date of first commercial production in the expanded portion of such unit, 492 The West Bengal Sales Tax Act, 1994. XLIX of 1994.] (Chapter W.—Incentives to industrial units—tax holiday, deferment of payment of tax and remission of tax.—Section 40.) not exceeding one hundred per centum of such gross value, as may be prescribed or fifty crore rupees, whichever is less, and different percentages of such gross value may be prescribed for such newly set up or existing industrial units, having regard to the location of such units in different areas. Ben Act VI of 1941. West Ben. Act IV of