Section 118(1) in West Bengal Value Added Tax Act, 2003
(1)Notwithstanding anything contained elsewhere in this Act,-(a)where a registered dealer has been enjoying, or has been entitled to enjoy, the benefit of deferment of tax under section 40, section 42 or section 43, as the case may be, of the West Bengal Sales Tax Act, 1994,(West Ben. Act XLIX of 1994.) , for a specified period or for a specified amount determined [with respect to gross value of the fixed capital assets, and] [Substituted w.e.f. 01.04.2005 [N. 1594 FT dt. 13.9.06] by S. 12(37) (a) of WB Act XVIII of 2006 for 'with respect to gross value of the fixed capital assets, 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 deferment of payment of output tax payable by him under this Act by the Commissioner, for the balance un-expired period or the balance eligible amount, as the case may be, with respect to gross value of the fixed capital assets, whichever expires earlier;(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;(c)where a registered dealer has been enjoying, or has been entitled to enjoy, the benefit of remission of tax under section 41 of the West Bengal Sales Tax Act, 1994, for a specified period or for a specified amount determined [with respect to gross value of the fixed capital assets, and] [Substituted w.e.f. 01.04.2005 [N. 1594 FT dt. 13.9.06] by S. 12(37) (b) of WB Act XVIII of 2006 for 'with respect to gross value of the fixed capital assets, 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 remission of tax under this Act by the Commissioner, for the balance unexpired period or balance eligible amount with respect to gross value of fixed capital assets, whichever expires earlier, in such manner and subject to such terms and conditions as may be prescribed.
