THE PUNJAB VALUE ADDED TAX (AMENDMENT) Act, 2008 PART-II, SECTION 3, SUB-SECTION (i)

/ [TO BE PUBLlSIIEIl IN THE GAZETn: OF' INI)IA, EXTRAORDINARY, PART-II, SE9~ON 3, SUB-SECTION (i) OF DATED "e;:''l2OO91 MINISTRY Of HOME AFFAIRS NOTIFICATION G.S.R. (E).- In exercise of !he PDwers oonfemd by section 87 of the Punjab ReorganiS3tion Act. 1966 (3 t of 1966). the Cenual Government hereby exlends to the Union terTiiOf)' of Chandigarb. the Punjab Value Added Tax (Amendment) At... 2008 (Punjab Act No. 14 of -2008). as in force in the SUle of Punjab on lilt dIlle of publicalion of this notification, subject to the following modifications, namely:- MODIFICATIONS I. In sub-section (/) of section 1, after the words and figure "the Punjab Value Added Tax Amendment Act, 2008", the words" lIS extended to the Unionlerritory of Chandigarh" shall be inserted. 2. In :lection 2, after the words and figures .. the Punjab Value Added Tax Act. 2005 ", the words.. .. liS extended to the Union territory of Ch:rndigarh ~ shall be inscrted, 3. In sub-seclion (1) ofsec:tion S·A, which is directed to be inserted in the priocipal Act by Section 3, for the words, "'State Go\'emment". occurring at both the places. the word "Administrator" shall be substituted. Al\o'NEXURE THE PUNJAB VALUE ADDED TAX (AMENDMENT) Aer, 200S (PUNJAB ACT NO. 14 OF 20(3) 1 (I) This Act may be called the Punjab Value Added Tu (Amendment) Act. 200S. (2) It shall come into force at once. Sllon lille .I>d Coo. ,l<nc"",,'1OI. " 2. In l~ Punjab Value Added Ta.'t Act, 2005 (hereinaf\er ~r.:m:d 10 as the pnncipal Act). in JeCtion 2. In clause (:tg). in the Explanauon. aftcr lI('m (7). u.., follo\.\inll itml sh311 be 3ddcd. rwnely:- "(3) The amount recii\'ed or recciVllbk by oil compamcs for !he $ilk of diesel and petrot wit be dccmed 10 be equivalent 10 !he price. on ..hich tho: ret.all outlcu ....ill setl these eommodillcs 10 the """"'""". J. In the principal Act. after section 3. !he following Sf:Clion sI\:lJl be inserted, nnmely:. "B-A. (I) Notwithstanding anything contained in any provision of this Act, the State Government, if satisfied that it is neoe:ssary or expedient KIlO do in public interest. INY. by notifICation in the OffICial Gatttte. direct thai in respect of any good5 or dilSS of goods • person may. al h" option, pay such lump-sum laX. subjcc:t 10 such conditions., 11$ the Stall: Government may specify in the DOtiflCllion. (2) In case. a ptrSOn opu, for payment of lump- sum tax, under sulHcction (I). be shall l'IOt. - (0) issue VAT invoice for sale of aoods mack by him, and fI() taxlIble penon, to whom goods llR: sold by such pe~n. shall be cOlitled to claim any input tax credit in respect of such sale: and (b) be entitled to claim lUI)' input tax credit and "pun:ha5e made by him. (3) The penon. ....'ho lias opted under sub-section (I) shall ~ at liberty 10 c:ancel his optioa by makin& an applic::ation 10 the designated otlica in such form., as INIY be preKribed~. 4. In the principal ACI, in section 19, for sub-seclion (5). tile following sub-section shall be subslilUlcd. namely:- ~(5) Input w: credil, on the goods specified in schedule 'W or the products manufXUlm;! m..re from. ...."ben sold in the OOUIX of inter-Stale~ Of oommercc. shall be .\'3il3b1e only to the exltnl of Central StIes TIJI. chargeable under I"" Ccnual SalcsTax Act. 1956-. AmenoJ"",,. .. KC'I"'" ! of P....J~ Act'of~ I"Hfl_ of ....... secli"" ,.,.. i" Pu"jab At' S of 2003. • "nwr.dmcn' in ""'''011 I~ of """jib Act S of 200'. , / ). In the principal Act, in se<:lion 93. in sub-section (2). in clause (a), ror the word and sign "as,so,ssmenl", the words and sign ·"assessment. deemed assessment:' shall be substitulecr. llmendment 'n ""Clio<> qJ "f P.-jlb "CI S "r 2005. [F. No. U -1102012f1007 ---UTLJ • ArtUc","" "'­ (B. 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