The following Act of the Kerala State Legistature is hereby published for general information, The Bill as passed by the Legislative Assembly received the assent of the Governor on the 29th day of July, 2002.
THE KERALA FINANCE ACT, 2002
An Act to give effect to certain financial proposals of the Government of Kerala for the Financial Year 2002-2003.
Preamble - WHEREAS it is expedient to give effect to certain financial proposals of the Government of Kerala for the Financial Year 2002-2003.
BE it enacted in the Fifty Third Year of the Republic of India as follows :-
1. Short title and commencement. -
(1) This Act may be called the Kerala Finance Act, 2002.
(2) ltem (i) of sub-section (2), item (b) of sub-section (6) and sub-section (7) of section 3 of this Act, shall be deemed to have come into force on the 1st day f April, 2002 and shall be in force till the 2nd day of April, 2002; sub-section (4) of section 3 and section 6 of this Act shall be deemed to have come into force on the 31st day of March, 2002 and shall be in force till the 31st day of March, 2003 and the remaining provisions of this Act shall be deemed to have come into force on the 1st day of April, 2002.
3. Amendment of Act 15 of 1963 in the Kerala General Sales Tax Act ,1963 (15 of 1963),-
(1) in section 5 , clause (a) of sub section 2 (c) shall be omitted ;
(2) in section 5D,
(i) in clause (a) for the words and figures 'serial No. 108" the words and figures 'serial No.12 of the Fifth Schedule shall be substituted ;
(ii) in the proviso to clause (b) for the word and figures "31st March 2002" the word and figures "31st march 2003" shall be substituted ;
(3) in section 7 , in sub section (1)
(a) in clause (a) for the words "one hundred and fifty percent" the words "two hundred percent" shall be substituted; and after the words " immediate preceding year" the words " or the tax paid for the immediate preceding year whichever is higher" shall be inserted;
(b) the second and third provisos shall be omitted ;
Compounded tax fixed for the previous year in accordance with the second and third provisos as the case may be " the woeds "or on the quantum of compounded tax fixed for the previous year in accordance with clause (a)" shall be substituted ;
(4) in section 17 in sub section (6) for the words "four years" ,the words "five years" shall be substituted (5) in section 27 A sub section (2) shall be omitted;
(6) in the First Schedule-
(a) in serial number 20 , in column (4) ,for the figure '1' the figure '4' shall be substituted ;
(b) serial number 108 and the entries against it shall be omitted ;
(c) in serial number 115 , in column (4) ,for the figure '1' the figure '4' shall be substituted;
(7) in the Fifth Schedule -
(a) after serial number 11 and the entries against it the following serial number and entries shall be inserted namely:-
12 Petroleum Products ,.namely:-
(b) to serial number 12, the following "Explanation" shall be inserted, namely :-
"Explanation -For the purpose of serial number 12 above 'Oil Company' means Cochin Refineries Ltd., Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., Hindustan Petroleum Corporation Ltd., Indo-Burma Petroleum Company Ltd., and includes such other company as Government may by notification in the Gazette specify in this behalf".