Section 3(4)(b) in Tamil Nadu Value Added Tax Act, 2006

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State of Tamilnadu - Subsection

Section 3(4)(b) in Tamil Nadu Value Added Tax Act, 2006

(b)If the turnover relating to taxable goods, of a dealer paying tax under clause (a) in a year, reaches rupees fifty lakhs at any time during that year, he shall inform the assessing authority in writing within seven days from the date on which such turnover has so reached. [such dealer is liable to pay tax under sub-section (2) on all his sales of rupees fifty lakhs and above] [These words have been substituted by Section 2 of the Tamil Nadu Amendment Act 27 of 2011, from a date to be notified, by the words 'Such dealer may pay a tax for each year on this turnover relating to taxable goods upto rupees fifty lakhs at such rate not exceeding one percent as may be notified by the Government and his liable to pay tax under sub-section (2) on all his sales of taxable goods above rupees fifty lakhs'. This date has been notified as 1st April 2012 by notification no.II (2)/CTR/437(c-2)/2011-GO-No.135 dated 31st October 2011.] and he is entitled to the input tax credit on the purchases made from the date, and on the stock available with him, the purchases of which has been made within ninety days before the date, on which such turnover has reached rupees fifty lakhs:.

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State of Tamilnadu - Subsection

Section 3(4)(b) in Tamil Nadu Value Added Tax Act, 2006