THE KARNATAKA VALUE ADDED TAX (AMENDMENT) ACT, 2017
KARNATAKA ACT NO. 15 OF 2017
(First Published in the Karnataka Gazette Extra-ordinary on the 31st day of March, 2017)
(Received the assent of the Governor on the 31st day of March, 2017)
An Act further to amend the Karnataka Value Added Tax Act, 2003.
Whereas, it is expedient further to amend the Karnataka Value Added Tax Act, 2003 (Karnataka Act 32 of 2004) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the Sixty eighth year of the Republic of India, as follows:-
1. Short title and commencement.- (1) This Act may be called the Karnataka Value Added Tax (Amendment) Act, 2017.
(2) It shall come into force with effect from the First day of April, 2017.
2. Amendment of Section 40.– In the Karnataka Value Added Tax Act, 2003 (Karnataka Act 32 of 2004) (hereinafter referred to as the principal Act), in section 40,-
(i) in sub-section (1), after second proviso the following proviso shall be inserted, namely:-
"Provided also that, an assessment or reassessment relating to any tax period commencing from the 1st day of April, 2012 upto the period ending 31st day of March, 2014 shall be made within a period of six years after the end of the prescribed tax period".
(ii) in sub-section (3), after the words "competent court" the words "or any revisional proceeding by the Joint Commissioner or the Additional Commissioner or the Commissioner" shall be deemed to have been inserted with effect from first day of April, 2005.
3. Amendment of First Schedule.-In the First Schedule to the principal Act, after serial number 33 and the entries relating thereto, the following shall be inserted, namely:-
"34. Liquor including beer, fenny, liqueur and wine".
4. Amendment of Third schedule.-In the Third Schedule to the principal Act, the entries relating to serial number 59-A, shall be omitted.
|
