The Jharkhand Value Added Tax (Amendment) Act, 2015

(Jharkhand Act 05, 2016)

An Act to amend Jharkhand Value Added Tax Act, 2005 (Jharkhand Act 05, 2006)

Be it enacted in the Sixty sixth year of the Republic of India by the State Legislature in the following manner:-

1. Short title, extent and commencement-

(i) This Act may be called the Jharkhand Value Added Tax (Amendment) Act,2015.

(ii) It shall extend to the whole of the State of Jharkhand.

(iii) It shall be deemed to be effective from 01-04-2015.

2. Amendment in sub- section (4) of section- 18

(a) The existing proviso in clause (ii) of sub-section (4) of Section-18 shall be substituted in the following manner:-

"Provided that the input tax credit on such purchases when sold in course of interstate trade and commerce shall be allowed only to the extent of Central Sales Tax payable on such sales made under sub-section (1) of section 8 of The Central Sales Tax Act, 1956 and balance input tax shall not be available for adjustment from any tax, penalty or interest payable."

(b) The existing proviso in clause (iii) of sub-section (4) of Section-18 shall be substituted in the following manner:-

"Provided that the input tax credit on such purchases when used for manufacturing or processing or mining of such goods sold in course of interstate trade and commerce shall be allowed only to the extent of Central Sales Tax payable on sales of such finished or mined goods made under subsection (1) of section 8 of The Central Sales Tax Act, 1956 and balance input tax shall not be available for adjustment from any tax, penalty or interest payable."

3. Amendment in sub-section (8) of section- 18

In the existing clause (ix) of sub-section (8) of Section-18, a proviso shall be added in the following manner:- "Provided that in respect of transactions falling under this clause, input tax credit may be allowed on the tax paid in excess of 4% of the such materials used in the manufacture of the finished products."

In the above proviso, "4%" appearing after the words "in excess of" shall be substituted by "5%" with effect from 13-05-2015.

4. Amendment in sub-section (1) of Section-63

In the existing sub-section (1) of Section-63, the word,"40 lakh" appearing after the words "a dealer exceeds" shall be substituted by the word"60 lakh".