Section 8 in Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005
8. Procedure for availing benefit of the Scheme.
- The eligible units shall make a declaration to the Commissioner of Commercial Taxes in the Form I specified hereto, enclosing therewith the following documents:-(i)the Certificate of registration/acknowledgement of IEM/Letter of intent;(ii)last assessment order and copies of quarterly returns filed for the previous year;(iii)declaration stating the date of first sale effected;(iv)description of the goods manufactured, processed or assembled.On receipt of the declaration, the Commissioner of Commercial Taxes if he has reason to believe that the declaration so furnished is factually incorrect or deficient, he shall issue a deficiency memo calling for compliance within 30 days and in the event of non-compliance or if the details furnished therein are proved to be incorrect, he shall make an order withdrawing the benefit under the Scheme, after giving an opportunity of hearing to the declarant.The eligible unit will be entitled to charge tax at appropriate rate and effect payment of net present value. In the returns to be filed under the Goa Value Added Tax Act, 2005, such unit shall indicate the amount of tax paid by way of net present value and will also show the amount of tax liability deferred and discharged under clause 6.
