Draw-back, set-off, refund etc

Draw-back, set-off, refund etc.

60. The State Government may by rules provide, that—

1. (a) in such circumstances and subject to such conditions as may be specified in the rules, a draw-back, set-off, refund or reimbursement of the whole or any part of the tax—
   • (i) paid, levied or leviable at the rates specified in the Schedules under any earlier law in respect of any earlier sales or purchases of goods which are held in stock by a dealer on the appointed day, be granted to such dealer, or
   • (ii) paid, levied or leviable at the rates specified in the Schedules in respect of any earlier sales or purchases of goods under this Act or any earlier law, be granted to the purchasing dealer;
2. (b) for the purpose of the levy of tax under any of the provisions of this Act, the sale price or purchase price shall, in the case of any class of sales or purchases, be reduced to such extent, and in such manner, as may be prescribed.