Interest for delay of 60 days in payment of VAT refund under Bihar VAT Act

By | February 21, 2016

BIHAR VALUE ADDED TAX ORDINANCE, 2016

 AMENDMENT IN SECTIONS 3A, 14 & 70

NOTIFICATION NO.LG-01-01/2016/04LEG

 DATED 28-1-2016

TO AMEND THE BIHAR VALUE ADDED TAX ACT, 2005 (ACT 27, 2005) Preamble – WHEREAS, The Legislature of the State of Bihar is not in session;

AND, WHEREAS, the Governor of Bihar is satisfied that the circumstances exist which render it necessary for him to take immediate action to amend the Bihar Value Added Tax Act, 2005 (ACT 27, 2005), in the manner hereinafter appearing.

NOW, THEREFORE, in exercise of the power conferred by clause (1) of Article 213 of the Constitution of India, the Governor of Bihar is pleased to promulgate the following Ordinance:—

Short title, extent and commencement

1. (1) This ordinance may be called the Bihar Value Added Tax Ordinance, 2016

(2) It shall extend to the whole of the State of Bihar.

(3) It shall come into force at once.

Amendment of section 3A of Act 27, 2005

2. The words “twenty percentum” used in sub-section (1) of section-3A of the said Act, 2005 shall be substituted by the words “thirty percentum.”

Amendment of section 14 of Act 27, 2005

3. The words “thirteen and a-half per cent” used in clause (d) of sub-section (1) of section-14 of the said Act, 2005 shall be substituted by the words “fourteen and a-half per cent.”

Amendment of section 70 of Act 27, 2005

4. The words “ninety days” used anywhere in section 70 of the said Act, 2005 shall be substituted by the words “sixty days.

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