Amendment status not verified — confirm the current text below against the official source.
(1) The proceeds of the taxes levied and collected under this Act (which shall form part of the Consolidated Fund of the State), reduced by the cost of collection, as determined under sub-section (2) of section 11, shall, after due appropriation made by law, be applied for the purposes here- inafter specified. (2) Out of the proceeds of the taxes referred to in sub- section (1), the State Government may, if satisfied that it is necessary so to do, make, subject to such conditions as it may think fit to impose, grants to any municipal or other local authority, functioning within the Calcutta Metropolitan Area, to enable such municipal or other authority to supplement its revenue : Provided that the, ae'gregate of the amounts paid to any municipal or other authority under this sub-section shall not exceed fifty per cent, of the amount which bears to the total amount of such proceeds the same proportion as the population in the area within the jurisdiction of such municipal or other local authority bears to the total population of the Calcutta Metropolitan Area. (3) The balance of the proceeds of the taxes referred to in sub-section (1) shall be paid by the State Government to such' authority, as it may, by notification, specify and the amount so paid shall be applied by such authority,— (a) firstly, for the servicing and repayment of any loan raised by such authority, with the approval of the State Government, to finance any deyelopmext project within the Calcutta Metropolitan Area, approved by the State Government; and (b) secondly, for distributing to— (i) any municipal or other authority within the Calcutta Metropolitan Area, or (ii) such other authority as the State Government may, by notification, specify, or (iii) any Department of the State Goerpnent, for the execution of any development project, within the Calcutta Metropolitan Area, which has been approved by the State Government. The Taxes on Entry of Goods into Calcutta Metropotatan 4 Area Act, 1970. IS at 1000 • CHAPTER IV AssassicsivT AND RECOVERY OF TAXES