| 7B. Adjustment of tax due to retrospective reduction of tax liability by virtue of the Delhi Value Added Tax (Second Amendment) Act, 2005. A dealer, in consequence of the retrospective operation of - | |
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7B Adjustment of tax due to retrospective reduction of tax liability by
virtue of the Delhi Value Added Tax (Second Amendment) Act, 2005
A dealer, in consequence of the retrospective operation of –
(a) the reduced rates of tax on the turnover pertaining to declared goods involved in the execution of works contracts and the works contracts which are in the nature of printing works in accordance with the provisions of section 4; or
(b) the eligibility to claim input tax credit on purchase of second hand goods from the resident seller under sub-section (2) of section 15; or
(c) the discharge of tax liability on works contracts in accordance with the provisions of sub-section (4) of section 105, shall re-compute his tax liability and shall make adjustments on account of excess amount of tax deposited under the Act, if any, in the first return which is due to be filed after the date of notification of the Delhi Value Added Tax (Fifth Amendment) Rules, 2005 2:
PROVIDED that the dealer shall not make the adjustments of the excess amount of tax deposited unless such excess amount has been refunded to the purchaser:
PROVIDED FURTHER that the dealer shall submit the proof of the amount so refunded to the purchaser along with his return mentioned above.
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The Reserve Bank of India will shortly issue Rs. 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with
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