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[Cites 0, Cited by 0] [Section 118(1)] [Section 118] [Entire Act]

State of West Bengal - Subsection

Section 118(1)(b) in West Bengal Value Added Tax Act, 2003

(b)where a registered dealer was enjoying benefit of tax holiday under section 39 of the West Bengal Sales Tax Act, 1994, for a specified period, immediately before the appointed day and who would have continued to be so illegible on such appointed day under that Act had this Act not come into force, may be allowed such tax holiday[by way of exemption of output tax] [Substituted by S. 6 (29) of WB Act XIII of 2005 w.e.f. 1.4.2005 for 'in a restricted manner by way of exemption from payment of ninety-five per centum of output tax.] payable by him under this Act by the Commissioner for the balance unexpired period or until the aggregate of the benefit of exemption from payment of tax enjoyed by such dealer under section 39 of the West Bengal Sales Tax Act,1994, computed from the first day of April, 2003, exceeds the limit of two hundred per centum of gross value of the fixed capital assets, whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed;