Section 10 in The Punjab Value Added Tax (Second Amendment) Act, 2013
10. Amendment in section 56 of Punjab Act 8 of 2005.
- In the principal Act, in section 56, in the last line, for the sign ".", the sign "." shall be substituted and thereafter, the following proviso shall be added, namely: -"Provided that in case a person, who has availed of a refund under a star rating/fast track refund scheme, as may be prescribed, is subsequently found to have willfully or fraudulently claimed refund which was not due to him, he shall be liable to pay penalty subject to the maximum of five times the refund amount so claimed, as may be prescribed by State Government, in addition to the payment of refund amount so claimed and interest payable thereon."
