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R.70 Tax Deferment u.p. vat rules

CHAPTER IX

Miscellaneous

R.70 Tax Deferment-

(1) Subject to other provisions of this rule, dealers holding eligibility certificate, granted before, on or after the date of commencement of the Act, shall be eligible for tax deferment, referred to in section 42 of the Act to the extent and for the period, whichever expires earlier, as under:

(a) (i) In case of an industrial unit referred to in first paragraph of sub-section (1) of section 42 of the Act, to the extent of the differential amount of exemption from tax mentioned in the eligibility certificate and aggregate of amounts of exemption from payment of tax had been availed, either under the Uttar Pradesh Trade Tax Act, 1948 or under the Central Sales Tax Act, 1956, before the date of the commencement of the Act; and

(ii) In case of an industrial unit referred to in second paragraph of sub-section (1) of section 42 of the Act, to the extent of balance amount as on the date of commencement of the Act liable for deferment.

(b) For the remaining period of exemption from tax as on the date of the commencement of this Act, out of the maximum period mentioned in the eligibility certificate.

(2) Facility of deferment shall be available in respect of net amount of tax payable under the Act.

Explanation: Net amount of tax payable means -

(a) In case of an industrial unit availing facility of exemption under the erstwhile Act and Central Sales Tax Act, 1956 shall be the differential amount of tax payable under the Act on the sale of taxable goods other than non-vat goods, manufactured in the unit and input tax credit available to the extent or proportionate to taxable goods other than non-vat goods sold.

(b) In case of an industrial unit availing reduction in the rate of tax, the net tax payable will be the partial amount of net tax computed as described in sub-clause (a) of this explanation in proportion to the rate of tax available for exemption to the rate of tax payable under the erstwhile Act as if the erstwhile Act had not been repealed.

(3) Facility of tax deferment shall be available under the Uttar Pradesh Value Added Tax Act, 2007 and the Central Sales Tax Act, 1956.

(4) Aggregate of amounts of tax, payment of which is differed for each assessment year under the Uttar Pradesh Value Added Tax Act, 2007 and the Central Sales Tax Act, 1956, shall be debited against the differential amount referred to in sub-clause (i) or sub-clause (ii) of clause (a) of sub-rule (1), as may be applicable.

(5) Payment of tax, for which facility of deferment is available, for any assessment year, shall be deferred for a period of five years and such period of five years shall commence on the date immediately following the last date prescribed for submission of tax return of the last tax period of such assessment year.

(6) The dealer availing the facility of deferment of net tax payable under the Act shall file statement of computation of net tax payable, total amount of eligibility, amount availed up to last month, amount availed in the month and balance at the end of the month, along with the return of the tax period.

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