TELANGANA VALUE ADDED TAX (SECOND AMENDMENT) ACT, 2016
ACT No. 10 OF 2016
AN ACT FURTHER TO AMEND THE TELANGANA VALUE ADDED TAX ACT, 2005.
Be it enacted by the Legislature of the State of Telangana in the Sixty- Seventh Year of the Republic of India as follows:-
Short title and commencement.
1. (1) This Act may be called the “TELANGANA VALUE ADDED TAX (Second Amendment) Act, 2016.
(2) It shall come into force with immediate effect.
Amendment of section 22. Act 5 of 2005.
2. In the Telangana Value Added Tax Act, 2005 in section 22,
(i) after sub-section (3-D), the following sub-section shall be inserted, namely,-
“(3-E) In every lease transaction, that is liable to tax under sub-section (8) and sub-section (8-B) of Section 4 of the Act, the person who is a transferee or lessee and who is responsible for making payment towards lease amount to a person, who is a transferor or lessor in pursuance of lease contract shall deduct tax on the lease consideration due thereon at the rate specified in subsection (8) or as the case may be, sub-section (8-B) of section 4 of the Act and shall remit the tax so collected to the State Government on the immediate next working day from the date of collection in the manner as may be prescribed.”;
(ii) in sub-section (4), after the expression “or subsection (3-D)” the expression “or sub-section (3-E)”, shall be inserted. |
