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State of Goa - Section

Section 2 in Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005

2. Definitions.

- (A) In this Scheme, unless the context otherwise requires. -
(a)"balance un-expired period" means the period during which the eligible unit is entitled for benefit of exemption in terms of entry 68 or entry 85 of the Second Schedule appended to the earlier law (hereinafter referred to as the "said entry") and/or under notifications issued under sub-section (5) of section 8 of the Central Sales Tax Act, 1956 (Central Act No. 74 of 1956) (hereinafter referred to as the "said notification") or to whom the said benefit is extended by any Government order, reduced by the period during which the benefit of exemption is availed by the said unit, if any, under aforesaid entries and/or notifications or Government order;
(b)"eligible unit" shall mean and include. -
(i)the industrial unit in Small Scale, Medium Scale and Large Scale sectors which is entitled for benefit under the said entry or under the said notification or under specific Government Order extending the benefit;
(ii)the industrial unit which has gone in production on or before 31-3-2002, but found to be not eligible for the benefit of said entry or said notification on account of non-fulfillment of any of the conditions specified therein and to which the benefit of the said entry or notification is extended under a Government order. The benefit of this Scheme to such unit shall be from the date of the Government order or such date as may be specified therein;
(c)"earlier law" means the Goa Sales Tax Act, 1964 (Act 4 of 1964) as amended from time to time and includes enactments which have validated anything done or omitted to be done under any of the above mentioned laws;
(d)"implementing agency" means the Department of Commercial Taxes;
(e)"period of entitlement". -
(i)in respect of an eligible unit, other than those specified in Schedule hereto, means the balance unexpired period computed on 31-3-2005;
(ii)in respect of units specified in Schedule appended hereto, means the following period:-
(i) Small Scale Industrial unit availing exemption as on 31-3-2005under entry 68 of Second Schedule appended to the earlier law. 10 years reduced by the period during which the exemptionavailed by the unit subject to maximum of five years.
(ii) Medium Scale/ Large Scale Industrial units availing exemptionas on 31-3-2005 under entry 85 of the Second Schedule appended tothe earlier Law. 5 years reduced by the period during the exemption is availedby the unit under the earlier law.
Explanation. - In working out period of entitlement, fraction of a day, if any, shall be ignored.
(f)"return" means the return required to be filed under the Goa Value Added Tax Act, 2005 or under the Central Sales Tax Act, 1956 (incase the eligible unit exercised option to get covered under the Scheme).
(g)"tax liability" means the following:-
(i)net tax payable under the Goa Value Added Tax Act, 2005 during the period of entitlement on the sales of goods covered by the said entry and/or Government Order and/or;
(ii)sales tax payable under the Central Sales Tax Act, 1956 (Central Act 74 of 1956) during the period of entitlement on the sales of goods covered by the said notification and/or Government Order;
(h)"net present value (NPV)" means the amount equal to 25% of tax liability during the period of entitlement;
(i)"appointed day" means the day on which the Goa Value Added Tax Act, 2005 (Act 9 of 2005) shall come into force;
(j)"earlier scheme" means the Goa Sales Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2003;
(B)Words and expressions used in this scheme and not defined but defined in the Act shall have the same meaning respectively assigned to them under the Act.