Tax Deferment
(1) An industrial unit entitled for refund of net tax payable or earned input tax credit or both, as the case may be, under section 42, may apply in form XLV duly filled in and signed by the person authorized under sub-rule(6) of rule 32, to the Commissioner for issue of Certificate of Entitlement:
Provided that where industrial unit is eligible for refund of earned input tax credit on the purchase of raw material, processing material, consumable stores, fuel other than petrol and diesel, lubricant required for use in manufacturing of goods and packing material used in the packing of manufactured goods, may apply to the
Commissioner for issue of new or amended Certificate of Entitlement within 60 sixty days of publication of this rule:
Provided further that where the amount of exemption or period of exemption of goods mentioned or described in the Certificate of Entitlement changes or varies on account of any order or direction of any competent court or authority or in compliance with any condition of exemption or otherwise, the industrial unit may apply within 60 days from the end of assessment year in which such event has taken place requiring amendment or within 60 days from the date of publication of this rule whichever is later.
(2) Before submitting the application under sub rule (1) a copy of the application along with enclosures, if any, shall be served to the concerned assessing authority and certified copy of such receipt shall be annexed to the application.
(3) The assessing authority shall, after examining relevant record and after giving the dealer a reasonable opportunity of being heard if necessary, send to the Commissioner a report in form XLVI within a period of thirty days from the date of receipt of the application
(4) If the Commissioner is satisfied that information furnished is correct and complete and report of the assessing authority confirms the particulars of the application, he shall issue or amend the certificate of entitlement in form XLVII within sixty days from the date of receipt of application :
Provided that if Commissioner is satisfied that there is prima-facie evidence on the record that particular contained in the application is wrong or incomplete or is not worthy of credence, he shall serve a show cause notice to the applicant and after considering the reply to show cause notice and further evidence, if any, submitted in the support of reply, may pass an order in writing for issue of a new or amended Certificate of Entitlement or reject the application. A copy of such order shall be served to the applicant.
(5) If the net tax payable for tax periods commencing on January2008 and ending with 30th June 2008,has not been deposited along with return of the tax period the same shall be deposited in following time schedule:-
| Sl |
Tax period |
date up to |
| no. |
ending on |
which net tax |
| |
|
has to be |
| |
|
deposited |
| 1- |
31.01.2008 |
20.08.2008 |
| 2- |
29.02.2008 |
20.09.2008 |
| 3- |
31.03.2008 |
20.10.2008 |
| 4- |
30.04.2008 |
20.11.2008 |
| 5- |
31.05.2008 |
20.12.2008 |
| 6- |
30.06.2008 |
31.07.2008 |
(6) The net tax payable for the tax period after the tax period ending on 30th June 2008 shall be deposited along with return of the relevant tax period.
(7) If an industrial unit fails to deposit the net tax payable for the period and within the time prescribed under sub-rule (5) of this rule, the unit shall be liable to pay the interest provided under subsection (2) of section 33 of the Act and penalty, if any, in accordance with the provisions of section 54 of the Act
(8) The amount of refund or interest if any, under section 42 of the Act shall be made in accordance with the provisions of the rules 50 and 51.
(9) Aggregate of amounts of tax payable under the Act / the Central Sales Tax Act, 1956 and amount of earned input tax credit on the purchase shall be debited from the amount mentioned in the Certificate of Entitlement.
(10) Payment of tax, for which facility of deferment is available, for any assessment year, shall be deferred for a period of five years and such period of five years shall commence on the date immediately following the last date prescribed for submission of tax return of the last tax period of such assessment year.
(11) The dealer availing the facility of deferment or refund of net tax payable under the Act or under the Central Sales Tax Act or earned input tax credit, shall file statement of computation of earned input tax credit, net tax payable under the Act or under the Central Sales Tax Act, total amount of entitlement, amount availed up to last tax period, amount availed in the tax period and balance at the end of the tax period, along with the return of the tax period in form XLVIII
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