Where any purchaser, being a registered dealer, has been issued with a credit note or debit note in terms of sub-Section (1) of Section 24 or if he returns or rejects goods purchased, as a consequence of which, the input tax credit availed by him in any period in respect of which the purchase of goods relates, becomes less or excess, he shall compensate such less credit or excess credit by adjusting the amount of tax credit allowed to him in respect of the tax period in which the credit note or debit note has been issued or goods are returned subject to conditions as may be prescribed.
*(deleted vide notification no. LG 13/leg dated 01.02.2018)
22. *Levy of Presumptive Tax on Registered Dealers —
(1) The State Government may, subject to such conditions and restrictions as may be specified and prescribed, permit any class or description of registered dealers to pay a lump-sum amount by way of presumptive tax according to the capacity or to the extent of business, calculated at a flat rate not exceeding 8 percentum and not below
1.5 percentum on the gross receipt or gross turnover of purchases or of sales as prescribed. And such presumptive tax shall be paid at such intervals and in such manner as may be prescribed, subject to the condition that no input tax credit shall be admissible to such dealer;
Provided that payment of tax under this Section shall not apply to a registered dealer, who is a manufacturer or who imports goods from outside the State for the purpose of carrying out his business:
Provided further that a registered dealer may, by exercising option in the prescribed manner, elect to pay tax as specified under Section 9 or Section 10 of this Act in lieu of the provisions of this
Provided further that if the Government considers it necessary to do so, in the public interest, may allow any registered dealer, who may be a manufacturer to pay presumptive tax, notified in this behalf, with certain conditions and restrictions for a specific period.
(2) Where the registered dealer is permitted to pay the lump-sum amount as presumptive tax under sub-Section (1) of this Section, the provisions of Section 29, 35 and 36 shall not apply so long as he complies with all the terms and conditions as prescribed under this Section.
*(deleted vide notification no. LG 13/leg dated 01.02.2018)