Power of State Government to exempt or reduce tax

Tax200032 of 28 sections available

Statutory text

(1) The State Government may, if in its opinion it is necessary in the public interest so to do, by notification and subject to such restrictions and conditions and for such period as may be specified in the notification, exempt or reduce tax payable by any class of importers under this Act.
(2) Where any restriction or condition specified under notification issued under sub-section
(1) is contravened or is not observed by an importer or where a declaration, if any, specified under the said notification in respect of observance of any condition or restriction imposed thereunder is found to be incorrect, then such importer shall, in addition to tax calculated at the full rate, notified under sub-section
(1) of section 3, on the value of such goods in respect of which such contravention or non-observance has taken place or a wrong declaration has been furnished, be liable to pay interest in terms of sub-section
(5) of section 6 of this Act:

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