In exercise of the powers conferred by sub-section (2) of section 89 of the Goa Value Added Tax Act, 2005 (Goa Act 9 of 2005) and all other powers enabling it in this behalf, the Government of Goa hereby amends the Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005, as follows, namely:-

1. Short title and commencement.-

(1) This scheme may be called the Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment (Seventh Amendment) Scheme, 2016.

(2) It shall be deemed to have come into force on 1st day of April, 2005.

2. Substitution of clause 9.-

For clause 9 of the Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005, the following clause shall be substituted, namely:-

"9. Restriction on issue of invoice and for claiming input tax credit on goods manufactured by industries covered under the scheme.-

The invoice issued by the eligible unit covered by the scheme shall be 'Restrictive Tax Invoice' in respect of the goods sold within the State to the registered dealers. Input tax credit shall be admissible against it to the extent the goods are sold within the State or exported outside the territory of India. In the event of inter-State sale of such goods in the same form, by any of the subsequent seller, the input tax credit shall be restricted to the actual output tax payable on such inter-State sales or input tax paid on such goods, whichever is lower. The input tax credit shall not be admissible if such goods are dispatched in the same form by way other than sales, by the subsequent dealer/dealers. The eligible unit shall specifically mention in the invoice the following:-

"Goods covered hereinunder are manufactured by eligible unit coming under the Goa Value Added Tax Deferment-cum-Net Present Value Compulsory Payment Scheme, 2005. Input tax credit restricted to local sales only""

By order and in the name of the Governor of Goa.

Ajit S. Pawaskar,

Under Secretary, Finance (R&C).