The Punjab Value Added Tax (Third
Amendment) Ordinance, 2011
An
Ordinance
Further
to amend the Punjab Value Added Tax Act,
2005.
Promuglated
by the Governor of Punjab in the Sixty-second Year of Republic of
India.
Whereas
the Legislative Assembly of the State of
Punjab is not in session and the Governoris satisfied that circumstances exit,
which render it necessary for him to take immediate action;
Now
therefore, in exercise of the powers conferred by clause (1) of article 213 of the Constitution of
India, the
Governor of
Punjab is pleased to promulgate the following Ordinance, namely:-
1.
Short title and commencement. (1) –
This Ordinance may be called the PunjabValue Added Tax (Third
Amendment) Ordinance, 2011.
(2) It
shall come into force on and with effect from the date of its publication in
the Official Gazette.
2.
Amendment in section 6 of Punjab Act 8 of 2005.—In
the Punjab Value
AddedTax Act, 2005
(hereinafter referred to as the principla Act), in section 6, after sub-section
6, the following sub-sections shall be added, namely:-
“(7)
Notwithstanding anything contained in sub-section (1) to sub-section (6), the
State Government
shall charge the tax in advance on the import of goods to be notified in such
manner, as may be prescribed, and at such rates, as may be notified, but not
exceeding the rates applicable on such goods under the Act:
Provided
that such goods are meant for sale or use in manufacturing or processing of any goods for sale:
Provided
further that such tax collected in advance, shall be counted towards final
liability of the taxable person at the end of each tax paid.
(8) The
tax collected under the Punjab Tax on Entry of Goods into Local Areas Act,
2000, shall be deemed to have been collected under the Provisions of
sub-section (7).”.
3.
Amendment in section 13 of Punjab Act 8 of 2005 – In
the principla Act, in section 13, after sub-section (1), the following
sub-section shall be inserted, namely:-
“(1-A)
The tax collected in advance under sub-section (7) of section 6, shall be
treated as Input Tax Credit.”
