In exercise of the powers conferred by clause (ii) of sub-section (3) of Section 95 of the Jharkhand Value Added Tax Act 2005 (Jharkhand Act 05, 2006), read with sub-rule (2) of Rule 64 of the Jharkhand Value Added Tax Rules 2006, the State Government, is pleased to direct that the Industrial units: granted exemption from payment of tax, in terms of Notification No. S.O. 96 dated 04.04.1994; issued under Clause (b) of sub-section (3) of Section 7 of the Repealed Adopted Bihar Finance Act 1981 Part-I, and read with Notification No. S.O. 228 dated 27.05.1996, issued under clause (a) of sub-section (5) of Section 8 of CST Act 1956; on their option, are hereby allowed to convert the facility of such exemptions from payment of tax under the Repealed Act; w.e.f. "Appointed Day", into getting the facility of deferment of payment of tax, for the unexpired period or at such percentage of value of fixed assets; as already determined and as have been being allowed to such Industrial Units under Repealed Act; into the deferment of tax, under the terms and conditions as specified in the Notification No. S.O. 94 dated 04.04.1994, issued under Section 23A of the Repealed Adopted Bihar Finance Act 1981 Part-I; and in the manner prescribed in sub-rule (2) of Rule 64 of the Jharkhand Value Added Tax Rules 2006.

This Notification shall come into force with effect from 1^st April, 2006.