Sri Lanka Consolidated Acts

[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]

Turnover Tax (Amendment) Act (No. 43 of 1990) - Sect 3

Replacement of section 47 of the principal enactment

3. Section 47 of the principal enactment is hereby repealed and the following section substituted therefor:-
47. Where any registered manufacturer has paid to another registered manufacturer in respect of any transaction entered into during any quarter, any sum which includes turnover tax in respect of articles used by the first-mentioned registered manufacturer in his business of manufacture of articles, the turnover tax so included shall be deducted from any turnover tax payable for that quarter by the first-mentioned registered manufacturer in respect of the turnover arising from the sale of articles manufactured by the first-mentioned registered manufacturer : Provided that
(a) no deduction shall be made for turnover tax included in any sum so paid
(b) any turnover tax included in any sum so paid by any person prior to his registration as a registered manufacturer, shall be allowed as a deduction from the turnover tax, in respect of the turnover arising from the sale of articles manufactured by him, payable for the quarter in which such registered manufacturer becomes chargeable to turnover tax; and
(c)
(i) where the amount of the deduction for any quarter ending on or before March 31, 1989, exceeds the amount of the turnover tax payable, by the first-mentioned registered manufacturer for that quarter in respect of such turnover, such excess shall not be refunded but shall be deducted, to the extent it can be so deducted from the turnover tax, in respect of such turnover, payable by him for the quarter immediately succeeding that quarter and any balance of such excess, from the turnover tax, in respect of such turnover, payable by him for the next succeeding quarter and so on; and


[Index] [Table] [Database Search] [Name Search] [Previous] [Next] [Help]