15. Amendment of section 76 of the principal enactment

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

Section 76 of the principal enactment is hereby amended as follows:–

(1)

in subsection (1) of that section by the substitution for the words “such supply subsequently becomes a taxable supply” of the words and figures “such supply subsequently becomes a taxable supply for any period prior to May 2, 2016”;

(2)

by the insertion immediately after subsection (2) of that section of the following new subsection:–

“(3) Where any person supplying goods in wholesale or retail trade is registered under this

Act for any period commencing on or after May 2,

2016 and ending on December 31, 2016, and if there remains any unsold stocks of goods of such person as at the date of registration which are not specified in the First Schedule to this Act, a deemed input tax may be allowed to such person for such taxable period where the registration became effective on account of such stocks at the rate specified in section 2:

Provided that, a similar record shall be maintained as specified in the proviso to subsection (14) of section 22 for such stocks and submitted such record along with the relevant return of such person.”.

Read on from s 16