Assam Value Added Tax (Amendment) Act, 2014
No: 9 Dated: Sep, 19 2014
THE ASSAM VALUE ADDED TAX (AMENDMENT) ACT, 2014
ASSAM ACT NO. IX OF 2014
An Act further to amend the Assam Value Added Tax Act, 2003.
Preamble:- Whereas it is expedient further to amend the Assam Value Added Tax Act, 2003, hereinafter referred to as the principal' Act, in the manner. hereinafter appearing;
It is hereby enacted in the Sixty-fifth Year of the Republic of India as follows:-
1. Short title, extent and commencement:- (1) This Act may be called the Assam Value Added Tax (Amendment) Act, 2014 .
(2) It shall have the like extent as the principal Act.
(3) lt shall come into force at once.
2. Amendment of section 2:- In the principal Act, in section 2, in clause (44), in Explanation II, for subclause (ii), the following shall be substituted, namely :-
"(ii) any amount allowed by seller of goods to the purchaser as cash discount or commission or trade discount at the time ofsale of goods subject to the condition that such discount or cOinmission is shown in the original invoice;".
3. Amendment of section 10:- In the principal Act, in section 10, after sub-section (3), the following new sub-section (4) shall be inserted, namely:-
"(4) Notwithstanding anything contained in this Act, wherever any credit note is to be issued for discount or sales incentive by any registered dealer to another registered dealer after issuing invoice, the selling dealer shall pass the credit note without disturbing the tax component on the price in the original invoice.".
4. Amendment of section 13:- In the principal Act, in section 13,-
(i) in sub-section (I), clause (c) shall be omitted.
(ii) after sub-section (2), the following new sub-section (3) shall be inserted, namely:-
"(3) Notwithstanding anything contained in this Act, if after issuing invoice, any amount is allowed by a selling dealer to a purchaser as cash discount or commission or trade discount or sales incentive or otherwise and such amount is adjusted through credit note issued by such selling dealer to the purchaser or by any other means, the selling dealer shall not be allowed to reduce his output tax liability on account ofsuch deduction ."