(1) The Bihar Finance Act, 1981 (Bihar Act, 5 of 1981) (hereinafter referred to as "the repealed Act") is hereby repealed from the date of commencement of this Act.

(2) The repeal shall not affect, -

(a) any legal proceeding or remedy whether initiated or availed of before or after this repeal, in respect of any such right, title, obligation or liability;

(b) affect any right, privilege, obligation, or liability acquired, accrued or incurred under the repealed Act except the right or privilege accrued under the repealed Act or the rules framed or notifications issued thereunder to industries, granted under any industrial policy or industrial policy resolution of the State Government; or

(c) the levy, assessment, or recovery of any tax or the imposition or recovery of any penalty, in respect of such period.

Under the provision of the repealed Act; and all proceedings under the repealed Act in respect of matters aforesaid shall be initiated and disposed of or continued and disposed of, as the case may be, as if this Act has not been passed; and for this purpose all taxing authorities or Inspectors appointed under section 10, and the Tribunal constituted under section 9 of, shall exercise all powers and perform all duties conferred by or under repealed Act upon the corresponding authorities appointed under section 9 or section 8 thereof:

Provided that nay appeal or any revision arising out of any order under the Bihar Finance Act, 1981, (Act 5 of 1981) shall be filed before, or heard or disposed of by, the appropriate authorities mentioned in sections 72, 73, and 74 in the manner as provided therein.

Provided further that the tax due under the Bihar Finance Act, 1981 as it stood before its repeal by this Act, from such category of registered dealers who, in respect of any year, have filed the returns required by the Bihar Finance Act, 1981 as it stood before its repeal by this Act and no assessment in respect of that year has been made before the commencement of this Act, shall be deemed to have been assessed if the tax for the year according to such returns does not exceed two lac and fifty thousand rupees and no proceeding under section 20 or section 33 of the Bihar Finance Act, 1981 is pending against the dealer as on the 30th day of June, 2005.

(3) All rules, orders and appointments made, notifications published, certificates granted, powers conferred and other things done under the said Act and in force on the commencement of this Act, shall, so far as they are not inconsistent with or until they are not modified, supreseded or cancelled under this Act, be deemed to have been respectively made, published, granted, conferred or done under this Act.

(4) Save as otherwise provided in sub-sections (2) and (3), the mention of particular matters in those sub-sections shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897, with regard to the effect of repeal.

(5)(a) The Bihar Value Added Tax (Amendment) Ordinance, 2008 (Bihar Ordinance No. 1, 2008) are hereby repealed.

(b) Notwithstanding such repeal, anything done or any action taken in the exercise of any powers conferred by or under the said Ordinance shall be deemed to have been done or taken in the exercise of the powers conferred by or under this Act as if this Act was in force on the day on which such thing or action was done or taken.