Notwithstanding anything contained in any law for the time being in force, no proceeding for recovery of any amount under sub-Section (7) and (8) of Section 43 and sub-Section (6) of Section 47 shall be initiated after the expiry of twelve years from the date of the relevant assessment.
Provided that when an appeal or revision has been filed, the period of limitation shall run from the date on which the amount due is finally determined.
52. Refund —
(1) Subject to other provisions of this Act and the Rules made thereunder, the prescribed authority shall, refund to a dealer the amount of tax, penalty and interest, if any paid by such dealer in excess of the amount due from him.
(2) Where any refund is due to any dealer according to return furnished by him for any period, such refund may provisionally be adjusted by him against the tax due or tax payable as per the returns filed under Section 29 for any subsequent period in the year:
Provided that, the amount of tax or penalty, interest or sum forfeited or all of them due from, and payable by the dealer on the date of such adjustment shall first be deducted from such refund before adjustment.
(3)(i) * Where any excess input tax credit for a financial year is carried forward for adjustment against the tax due for subsequent tax preiod or periods and such credit or parts thereof remain unadjuster ever after a period of 24 months from teh close of teh year for tax perioed for whcih the return showing the excess input tax credit, the dealrer may opt to claim refund of teh amout of such excess linput tax by way of assessment, re-assessment or audit assessment.
38 3(ii) * Wher a dealer opts for such refund under sub-section 3(1), he shall make an application to the effect to the prescribed authority within such time and such manner as may be prescribed.
3(iii) * any refund covered under this sub section shall be granted in such manner and subjet to such conditions and restrictions as my be prescribed.
*( Added vide Noti. No. LG- 5/2014-49 dated 19.09.2014)
53. Provisional Refund —
(1) If a registerd dealrs has filed any returns as required under this Act and the return shows any amount to be refundable to the dealer on account of Zero rated sales or in course of export out of the territory of India or sales outside the sate falling under section 4 of the Central Sales Tax Act or transfer of goods otherwise than by way of sales falling under section 6A of the Central Sales Tax Act, 1956 the dealer may apply in the manner and in the form prescribed to the prescribed authority for grant of provisoanl refund pending assessment, audit and investigation to establish the correctness of the claim amd consequent assessment if any.
(Substituted vide Noti. No. LG-5/2014-49 dated 19.09.2014)
(2) Provided further the Refund shall also be admissible to a registered dealer, who owns an industrial unit in the Software Technology Park, or who owns an Export Oriented Unit within the meaning of the Export and Import Policy as formulated under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992), situated anywhere in Jharkhand a Special Economic Zone or Software Technology Park, the amount of tax realised or realizable from him by another registered dealer in respect of the purchases in Jharkhand—
(i) of goods for use directly in the manufacture of goods by him in such unit for sale by him in the course of export within the meaning of Section 5 of the Central Sales Tax Act, 1956 (74 of 1956).
(ii) of goods, being the containers or other packing material for packing of the goods manufactured in such unit.
(3) Subject to the provisions of sub-Section (1) or (2), the prescribed authority may require the dealer to furnish a Bank Guarantee or other security as may be prescribed for an amount equal to the amount of refund and on receipt of such guarantee or other security, the prescribed authority shall grant the dealer a provisional refund for the amount that may be determined as refundable.
(4) The prescribed authority may direct the assessment under Section 36 or 37 of such dealer in respect of the year containing the period covered by the said return to be taken up as early as practicable and adjust the grant of provisional refund against tax due, if any, as a result of that assessment.
(5) If, on assessment, the provisional refund granted under sub-Section (3) is found to be in excess, then the excess shall be recovered as if it is tax due from the dealer under this Act.
(6) Interest will be charged on such excess amount at the rate of two percent per month from the date of grant of provisional refund till the date of assessment.