Input tax credit exceeding tax liability 18

11

effected by him, (a) in case of sub-clause (i) & (iii) of 1 clause (a) of sub-section (1), with effect from the date of commencement of this Act; (b) in case of sub-clause (i) of clause (b) of sub-section (1), with effect from the date immediately following the day on which his taxable turnover first exceeded the taxable limit during a period of any twelve consecutive months, (c) in case of sub-clause (i) and (ii) of clause (b) of sub-section (1), with effect from the date of registration or the date on which he becomes so liable whichever is earlier. (d) in case of sub-clause (iii) of clause of sub-section (1) with effect from the date as notified in the official Gazette or from the registration, the date on which he becomes so liable whichever is earlier. 2 (3) For the purpose of this Act, taxable limit means in relation to any dealer who: (a) imports for sale any taxable goods into the State of Tripura on his own behalf or on behalf of his principal - Nil (b) manufactures or processes any taxable goods for sale - Nil (c) is engaged in any other business other than clause (a) and (b) - Rs.3,00,000/- (d) involved in the execution of works contract and transfer of right to use any goods for any purpose, lease or hire purchase - Nil 1,2 Inserted vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007)

1 Inserted vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007)