94.Deemed payment M. VAT ACT


94.Deemed payment

(1) Notwithstanding anything contained in this Act, rules or notifications, but subject to such conditions as the Commissioner may, by general or special order in the Official Gazette, specify, where a dealer to whom incentive by way of deferment of sales tax liability under any of the Package Schemes of Incentives designed by the State Government, have been granted by virtue of the Eligibility Certificate, and where a loan liability equal to the amount of any such tax payable by such dealer has been raised by the SICOM or the Directorate of Industries or the relevant Regional Development Corporation or the District Industries Centre concerned (………)then such tax shall be deemed, in the public interest, to have been paid.
(2) Notwithstanding anything to the contrary contained in the Act or in the rules or in any part of the Package Scheme of Incentives the Eligible Unit to whom an Entitlement Certificate has been granted for availing of the incentives by way of deferment of sale tax or purchase tax, as case may he, may, in respect of any of the periods during which the said certificate is valid, at its option. prematurely pay in place of the amount of tax deferred by it, an amount equal to the net present value of the deferred tax, as may be prescribed, and on making such payment. the deferred tax shall be deemed in the public interest to have been paid.