Section 14
ප්රතිචාර සහ සහායනිල ඉංග්රීසි පරිවර්තනය. එය සිංහල හෝ දෙමළ පාඨයට වඩා වෙනස් නම් බලපවත්වන පාඨය කුමක්දැයි පනතේම සඳහන් වේ.
Amendment of section 22 of the principal enactment in subsection (1) of that section by the substitution for the words “fifteen days”, of the words “last day of the month”;
by the repeal of subsection (2) of that section;
by the repeal of subsection (12) of that section and the substitution therefor of the following subsection:—
“(12) Except where the Commissioner - General, imposes a penalty under subsection (10), every person who contravenes the provisions of subsection (1) or subsection (3) shall be guilty of an offence under this
Act and shall be liable on conviction after summary trial before a Magistrate to a fine not exceeding fifty thousand rupees or to an imprisonment of either description for a term not exceeding six months or to both such fine and imprisonment.”.
Section 22 of the principal enactment is hereby amended as follows:—
in subsection (2) of that section by the substitution for the words “any output tax that is due to him”, of the words “any output tax that is due to him:
Provided however, any person adopting a payment basis of accounting, is entitled to claim credit on so much of his input tax as is allowable under this Act, only in respect of a supply for which the payment has been made by such person.”;
in subsection (4) of that section by the substitution for the words “the expiration of one month”, of the words “ the expiration of two months”;
by the repeal of the proviso to subsection (4) of that section and the substitution therefor of the following proviso :——
principal
8
(4)
Act, No. II of 1998
“Provided however, that where in a taxable period—
the value of zero rated supplies was not less than fifty per centum of the total taxable supplies for that taxable period, such part of the excess of the input tax (inclusive of any excess brought forward from a preceding taxable period) as is equivalent to the proportion that the zero rated supplies bear to the total taxable supplies ; or
there is an excess of input tax, in the case of a person who has entered into an agreement with the Board of Investment of Sri Lanka during the period referred to in item (XXVII)
or (XXVIII of the Schedule to this Act ; or
there is an excess of input tax, in the case of a person referred to in subsection (6), such part of the excess or such excess, as the case may be, shall be refunded, subject to the provisions of section 58, not later than one month after the end of the taxable period or from the date of the receipt of the return for such taxable period, in which the excess arose, whichever is later. In the event of a failure to pay such refund within such period, interest on such refund shall be payable from the date on which the refund becomes due to the date of payment thereof at such rate as may be prescribed under section 59.”;
uw in paragraph (1) of subsection (5) of that section by the substitution for the words “for the transportation of any goods;”, of the words “for the transportation of any goods or motor vehicle forming part of any stock in trade of any taxable activity”;
by the addition immediately after subsection (5) of that section of the following subsections:—
“(6) Where any registered person has proved to the satisfaction of the Commissioner-General that such person has commenced any business in Sri Lanka, and undertakes to make the taxable supplies in respect of such business within a period of thirty months from the date of such commencement, the Commissioner-General may allow credit for input tax in respect of such business subject to such conditions as may be specified by him.
Notwithstanding the provisions of section 33, any refund in excess of the amount due, or any excess amount of input tax claimed shall be assessed by an
Assessor on the registered person to whom the refund has been made or making such claim, as the case may be, and such amount shall be deemed to be tax in default on the first day of the taxable period in which the excess of input tax first arose resulting in such refund or excessive claim in excess as the case may be.”.