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| 78.Calculation of cumulative quantum of benefits. M. VAT RULES | |
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78.Calculation of cumulative quantum of benefits.
(1) The cumulative quantum of benefits, availed of by a dealer (hereinafter referred to as “the said dealer”), who holds a valid Certificate of Entitlement granted by the Commissioner for the purpose of exemption from payment of tax shall be calculated in respect of any period commencing on or after the appointed day in the manner specified below:-
(2) The cumulative quantum of benefits received by the said dealer shall be the aggregate of the following sums that is to say:-
(a) a sum equal to the amount of sales tax which would have been payable to the Government on the turnover of sales of the goods manufactured by the said dealer in the eligible unit and specified in the Eligibility Certificate effected by the said dealer if the said dealer was not holding the said Certificate of Entitlement,
(b)(i) a sum equal to 4 per cent. of the turnover of inter-State sales of goods manufactured by the said dealer in the eligible unit and specified in the Eligibility Certificate, effected by the said dealer and if the inter-State sales of such products are generally liable to sales tax at a rate less than four per cent., then a sum calculated at such lower rate, and
(ii)in the case of a unit holding a Certificate of Entitlement under the Package Scheme of Incentives, 1993 or the Power Generation Promotion Policy, 1998, a sum equal to the amount of Central Sales Tax that would have been payable to the Government by the said dealer on his turnover of inter-State sales of goods manufactured by the said dealer in the eligible unit specified in the Eligibility Certificate, if the said dealer was not holding the said Certificate of Entitlement.
(In the above rule 78, in sub-rule (2) for clause (b) following clause (b) is substituted w.e.f. 01.04.2005 by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)
b) a sum equal to the amount of Central Sales Tax that would have been payable to the Government by the said dealer on his turnover of inter-State sales of goods manufactured by the said dealer in the eligible unit and specified in the Eligibility Certificate, if the said dealer was not holding the said Certificate of Entitlement.
Explanation I — For the purposes of all the Package Schemes except the 1979 and 1983 Package Schemes, the expression “goods manufactured in the said unit” shall include by-products and scrap products generated during the process of manufacture.
Explanation II—In the case of a Mega Project, in respect of the turnover of inter-state sales of goods by the said dealer, covered by sub-section (1) of section 8 of the Central Sales Tax Act, 1956 and specified in the Eligibility Certificate, the sum for the purpose of clause (b) shall be calculated @1%.
Explanation III— For the purposes of the New Package Scheme of Incentives for Tourism Projects, 1999, the expression “goods manufactured” shall include liquor served for consumption in the premises of the said dealer outside the Mumbai Municipal Corporation Limits.
Explanation IV—In this rule the expression “sale” includes the sale by a depot, head office or selling agent of the dealer of products manufactured by the said dealer in the said unit.
Explanation V.-- For the purposes of calculation of Cumulative Quantum of Benefits under the 1988 Package Scheme of Incentives and the 1993 Package Scheme of Incentives, the expression "goods manufactured", shall be deemed to include Credit of Duty Entitlement Pass Book which is earned by the said dealer by exporting out of the territory of India, the goods manufactured in the eligible unit.
(The above Explanation V is inserted w.e.f. 01.04.2005 by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)
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