Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained elsewhere in this Act,— (a) where a registered dealer has been enjoying, or has been entitled to enjoy, the benefit of deferment of tax under section 40, section 42 or section 43, as the case may be, of the West Bengal Sales Tax Act, 1994, for a specified period or for a specified amount determined with respect to gross value of the fixed capital assets, immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had this Act not come into force, may be allowed deferment of payment West Ben. Act MAX of 1994. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, DECEMBER 27, 2004 61 The West Bengal Value Added Tax Act, 2003. (Chapter XV.—Miscellaneous.—Section 119.) Special provisions for waybills, rules, regulations, notifications or orders issued under West Bengal Sales Tax Act, 1994. of net tax payable by him under this Act by the Commissioner, for the balance un-expired period or the balance eligible amount, as the case may be, with respect to gross value of the fixed capital assets, whichever expires earlier; (b) where a registerd dealer was enjoying benefit of tax holiday under section 39 of the West Bengal Sales Tax Act, 1994, for a specified period, immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had this Act not come into force, may be allowed deferment of output tax payable by him under this Act by the Commissioner for the balance un-expired period or until the amount of the aggregate of the amounts of such tax payable from the date of eligibility earned for the first time under the West Bengal Sales Tax Act, 1994, exceeds the limit of two hundred per centum of gross value of the fixed capital assets as on date immediately preceding the appointed day, whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed; (c) where a registered dealer was enjoying benefit of remission of tax under the West Bengal Sales Tax Act, 1994, for a specified period or a specified amount determined with respect to gross value of the fixed capital assets, immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had this Act not come into force, may be allowed deferment of output tax payable by him under this Act by the Commissioner for the balance un-expired period extended by forty per cent= of such period, or balance eligible amount with respect to gross value of fixed capital assets extended by forty per centum of such value whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed. (2) For the purposes of clause (a), clause (b) or clause (c), a complete British Calendar month shall be considered, wherever a part of a month is involved. (3) For the purpose of clause (a), clause (b) or clause (c), the term "balance" means the period, or the eligible amount, remaining unexhausted on the appointed day.