T.N. Act No.22/2010
TAMIL NADU VALUE ADDED TAX (SECOND AMENDMENT) ACT, 2010
(Received the Assent of the Governor of Tamil Nadu on May 26, 2010 — Published in Tamil Nadu Government Gazette, Extraordinary, Part IV, Section 2, Iss. No.154, page 89, dated May 27,2010.
Statement of Objects and Reasons : Refer T.N. Bill No.27 —2010 (1) CTAR page 1.92).
An Act further to amend the Tamil Nadu Value Added Tax Act, 2006.
Be it enacted by the Legislative Assembly of the State of Tamil Nadu in the Sixty-first Year of the Republic of India as follows:—
1. Short title and Commencement.— (1) This Act may be called the Tamil Nadu Value Added Tax (Second Amendment) Act, 2010.
(2) It shall come into force on such date as the State Government may, by notification, appoint.
2. Amendment of Section 19.— In Section 19 of the Tamil Nadu Value Added Tax Act, 2006 (Tamil Nadu Act 32 of 2006), after sub-section (19), the following sub-section shall be added, namely:—
"(20) Notwithstanding anything contained in this Section, where any registered dealer has sold goods at a price lesser than the price of the goods purchased by him, the amount of the input tax credit over and above the output tax of those goods shall be reversed.". |
