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Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Complete Act

Title: Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003

State: Central

Year: 2003

Preamble1 - Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Undertaking of Development Bank to vest in Company Section4 - General effect of transfer and vesting undertaking Section5 - Provisions in respect of officers and other employees of Development Bank Chapter III Section6 - Concession, etc., to be deemed to have been granted to Company Section7 - Tax exemption or benefit to continue to have effect Section8 - Guarantee to be operative Section9 - Shares, bonds and debentures to be deemed to be approved securities Section10 - Act to have overriding effect Section11 - Application of other laws not barred Section12 - Amendment to certain enactments Section13 - Substitution in Acts, rules, regulations by Company in place of Development Bank Section14 - Power to remove difficulties Section15 - Repeal and saving of Act 18 of 1964 ScheduleI - THE SCHEDULE

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Karnataka Value Added Tax Act, 2003 Section 2

Title: Definitions

State: Karnataka

Year: 2003

.....to have been made under this Act and includesa re-assessment. 1[(5A) Body corporate means a corporation, a company as defined under the Companies Act, 1956 (Central Act 1 of 1956) and a company incorporated outside India but does not include.- (a) a corporation sole; (b) a co-operative society registered under any law relating to co-operative societies; and (c) any other body corporate, not being a company as defined in the Companies Act, 1956, which the State Government may, by notification in the Official Gazette, specify in this behalf.] 2[(5-B) Branded means any goods sold under a name or trade mark registered or pending registration or pending registration of transfer under the Trade and Merchandise Marks Act, 1958 (Central Act 43 of 1958) or the Trade Marks Act, 1999 (Central Act 47 of 1999).] (6) 'Business'includes:- (a) any trade, commerce, manufacture or any adventure or concern in the nature oftrade, commerce or manufacture, whether or not such trade, commerce,manufacture, adventure or concern is carried on in furtherance of gain or profitand whether or not any gain or profit accrues therefrom; and (b) any transaction in connection with, or incidental.....

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Value Added Tax Act, 2003 Section 31

Title: Accounts

State: Karnataka

Year: 2003

.....or in such other language as the Government may, by notification, specify, of all his purchases, receipts, sales, other disposals, production, manufacture and stock showing the values of goods subject to each rate of tax under this Act including input tax paid and output tax payable. (2) If the Commissioner or prescribed authority is of the opinion that the accounts kept and maintained by any dealer or any class of dealers do not sufficiently enable him or it to verify the returns required under this Act or to make any assessment under it, he or it may, by order, require any dealer or class of dealers, to keep such accounts and records including tax invoices of manufacture, sales, purchases, disposals or transfers of stock other than by way of sales in such form and in such manner as he or it may direct. (3) If the Commissioner considers that any class of dealers is not in a position to keep and maintain accounts in accordance with the provisions of this Section, he may, for reasons to be recorded in writing, permit such class of dealers to maintain accounts in the prescribed manner. (4) Every dealer whose taxable turnover in a year exceeds twenty five lakh rupees shall.....

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Value Added Tax Act, 2003 Chapter 5

Title: Administration and Collection of Tax

State: Karnataka

Year: 2003

.....such industrial unit the Government has already notified exemption of tax or deferred payment of tax under the provisions of the Karnataka Sales Tax Act, 1957 ( Karnataka Act 25 of 1957). (b) Notwithstanding anything contained in this Act but subject to such conditions as the Government may, by general or special order specify, where a dealer to whom incentives by way of deferment offered by the Government in its orders issued from time to time has been granted by virtue of eligibility certificate and where liability equal to the amount of any such tax payable by such dealer has been created as a loan by the Department of Industries and Commerce of the Government of Karnataka, then such tax shall be deemed, in the public interest, to have been paid. (c) Notwithstanding anything contained in this Act, the deferred payment of tax under clause (a) shall not attract interest under sub-section (2) of Section 36, provided the conditions laid down for payment of the tax deferred are satisfied. (4) Any other amount due under this Act shall be paid within ten days from the date of service of the order or proceedings imposing such amount, unless otherwise specified. (5) The.....

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Value Added Tax Act, 2003 Section 46

Title: Tax Payable on Transfer of Business, Assessment of Legal Representatives, Etc.

State: Karnataka

Year: 2003

.....tax or penalty is partitioned, the assessment of the tax and the imposition of penalty shall be made as if no partition of the family had taken place, and every person who was a member of the family before the partition shall be jointly and severally liable to pay the tax or penalty assessed or imposed. (6) Where a dealer dies, his executor, administrator or other legal representative shall be deemed to be the dealer for the purposes of this Act and the provisions of this Act shall apply to him in respect of the business of the said deceased dealer, provided that, in respect of any tax, penalty or fee assessed as payable by any such dealer or any tax, penalty or fee, which would have been payable by him under this Act if he had not died, the executor, administrator or other legal representative shall be liable only to the extent of the assets of the deceased in his hands.

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Value Added Tax Act, 2003 Chapter 8

Title: Penalties, Offences and Power to Make Rules

State: Karnataka

Year: 2003

.....limitation to certain proceedings (1) No suit, prosecution or other proceeding shall lie against any officer or servant of the Government, for any act done or purported to be done under this Act without the previous sanction of the Government. (2) No officer or servant of the State Government shall be liable in respect of any such act in any civil or criminal proceeding if the act was done in good faith in the course of the execution of duties or the discharge of the functions imposed by or under this Act. (3) No suit shall be instituted against the State Government and no suit, prosecution or other proceeding shall be instituted against any officer or servant of the State Government in respect of any act done or purporting to be done under this Act, unless the suit, prosecution or other proceeding is instituted within six months from the date of the act complained of. Section 85 - Courts not to set aside or modify assessments except as provided under this Act Notwithstanding anything contained in any law for the time being in force, no suit or other proceedings shall be entertained by any court, except as expressly provided for under this Act, to set aside or modify.....

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Value Added Tax Act, 2003 Section 88

Title: Power to Make Rules

State: Karnataka

Year: 2003

.....the court of Wards, the Administrator-General, the Official trustee or any receiver or manager, including any person whatever his designation who in fact manages property on behalf of another, appointed by or under any order of a Court; (g) the administration of the checkposts set up and the barriers erected under this Act and the regulation of work therein; (h) the assessment to tax under this Act of any turnover which has escaped assessment; (i) compelling the submission of returns and the production of documents and enforcing the attendance of persons and examining them on oath or affirmation; (j) securing that returns furnished or accounts or documents produced or evidence of any kind given under this Act before any prescribed authority or an appeal or revision from any decision of such authority are kept confidential; (k) the procedure to be followed and the powers exercisable in proceedings for recovery under Section 42; (l) the duties and powers of officers appointed for the purpose of enforcing the provisions of this Act; (m) the term of office and conditions of service of the members of the Appellate Tribunal; (n) the fees payable for the grant of.....

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Karnataka Value Added Tax Act, 2003 Chapter I

Title: Preliminary

State: Karnataka

Year: 2003

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Karnataka Value Added Tax Act, 2003 Chapter II

Title: Incidence and Levy of Tax

State: Karnataka

Year: 2003

.....involved in the execution of works contract specified in column (2) of the Sixth Schedule, subject to sections 14 and 15 of the Central Sales Tax Act, 1956(Central Act 74 of 1956), at the rates specified in the corresponding entries in column (3) of the said Schedule.]2 (2) Where goods sold or purchased are contained in containers or are packed in any packing material liable to tax under this Act, the rate of tax applicable to taxable turnover of such containers or packing materials shall, whether the price of the containers or packing materials is charged for separately or not, be the same as the rate of tax applicable to such goods so contained or packed, and where such goods sold or purchased are exempt from tax under this Act, the containers or packing materials shall also be exempt. (3) The State Government may, by notification, reduce the tax payable under sub-section (1) in respect of any goods. 2[subject to such restrictions and conditions as may be specified in the notifications.] 5[(3-A) Any notification issued under sub-section (3), shall be valid until it is cancelled or varied, notwithstanding that the tax payable in respect of any such goods is modified by.....

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Value Added Tax Act, 2003 Section 28

Title: Obligation of Registered Dealer to Inform Changes After Registration

State: Karnataka

Year: 2003

.....registration or upon his own motion, the prescribed authority may amend the registration certificate of a dealer or reject the application within thirty days of the date of receipt of such application, after making such enquiry as it deems fit and after giving the dealer the opportunity of showing cause in writing against such amendment or rejection. (4) Any amendment of a certificate shall take effect from the date of the event referred to in sub-section (1) where applicable and in all other cases the amendment shall take effect from the date of application. (5) Where any change in registration other than of death of the registered dealer is not reported to the prescribed authority within the prescribed time, it shall be deemed that no such change has occurred and the dealer as registered shall be liable to tax that is payable in respect of any business carried on.

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