"15C. Compounding of Tax liability in respect of developers- Notwithstanding anything to the contrary contained in the Act & subject to such Rules as may be made in this behalf, the State Government may, by notification and subject to such conditions and restrictions, as may be specified in the notification, permit any developer to pay, in lieu of tax payable by him under the Act, by way of compounding of tax at such rate not exceeding 5 per centum, as may be specified in the notification, of entire aggregate amount specified in agreement or value specified for the purpose of stamp duty, whichever is higher, in respect of the said agreement."
5. Amendment in Section-35 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005)-(1) After number (ix) of clause (c) of sub-section (1) of Section 35 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005), the following new number (x) shall be inserted :- "(x) in case of developer, cost of land as specified in prescribed manner."
(2) After clause (c) of sub-section (1) of Section 35 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005), the following new clause (cc) shall be inserted :- "(cc). Notwithstanding anything contained in clause (c), where the contractor does not maintain proper accounts or the amount actually incurred towards charge for labour and other services and other items mentioned in clause(c)are not ascertainable from the accounts maintained by him, the amount of such charges for labour and services and such items may, for the purpose of deductions, be determined on the basis of such percentage with regard to the value of the works contract, or any part thereof, as may be prescribed in this behalf."
6. Amendment in Section-36 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005)- (1) In Section 36 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005), the "full stop" used after the words and figure "B means the total amount of input tax credit allowable to the dealer under section 16 or section 17" shall be substituted by 'colon' and the following proviso shall be added :- "Provided that the tax payable by a dealer to whom the provisions of clause (cc) of sub-section (1) of Section 35 apply, shall be calculated at the rate of ten per centum of the taxable turnover".
7. Amendment in Section-41 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005)-The words"five percent" used in sub-section (1) of Section 41 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005), shall be substituted by "eight percent."
By order of the Governor of Bihar, MANOJ KUMAR, Joint Secretary to Government.
———— अधी(कअधी(कअधी(कअधी(क, सिचवालयसिचवालयसिचवालयसिचवालय मुिणालयमुिणालयमुिणालयमुिणालय, �बहार�बहार�बहार�बहार, पटनापटनापटनापटना �ारा�ारा�ारा�ारा ूकािशतूकािशतूकािशतूकािशत एवंएवंएवंएवं मु.ित।मु.ित।मु.ित।मु.ित। �बहार�बहार�बहार�बहार गजटगजटगजटगजट (असाधारणअसाधारणअसाधारणअसाधारण) 665-571+400-ड$ड$ड$ड$0ट$ट$ट$ट$0पीपीपीपी0।।।। Website: http://egazette.bih.nic.in