Amendment of section 2.
(i) after clause (u), the following clause shall be inserted, namely : –
(ua) “output tax” means the amount of tax payable by the dealer at the rates specified in section 4 in respect of the taxable turnover arising during the tax period, after making any adjustment to the tax as required by section 8;
(ii) after clause (v), the following clause shall be inserted namely : –
(va) “quarter” means a period of three months commencing on the 1st day of April, the 1st day of July, the 1st day of October or the 1st day of January in each year;
Amendment of section 11
3. In section 11 of the principal Regulation, –
(i) in sub-section (2), for clause (b), the following clause shall be substituted, namely – “(b) in case the tax period for the dealer is monthly, carry forward the surplus amount, if any, after making adjustments under clause (a) to the next tax period of the same quarter”;
(ii) for sub-section (3), the following sub-section shall be substituted, namely – – 3 – EXTRAORDINARY No. : 01 DATED : 10TH JANUARY, 2008.
Page 3 of 7 ”(3) Where the net tax of the dealer at the end of the quarter in a financial year is a negative value, the dealer shall be entitled to claim a refund of any excess amount of tax and the Commissioner shall deal with the claim of refund in the manner specified in sections 38 & 39
Provided that the dealer may opt to adjust the refund under this subsection as a tax-credit in any succeeding tax period within the same financial year”.
Insertion of new section 36A