Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsCredit in respect of turnover tax paid to principal collector of customs
| 48. Where a registered manufacturer has paid turnover tax to the Principal Collector of Customs under section 12 he shall be entitled on production of a receipt issued to him in respect of that payment to a deduction of the amount paid from the turn over tax payable by him to the Commissioner-General for that quarter and any excess of such deduction over the tax payable for the quarter shall not be refunded but deducted from the tax payable for the subsequent quarter and so on. |