Whereas the goods specified in Schedule "G" appended to the Goa Value Added Tax Act, 2005 (Act No. 9 of 2005) (hereinafter referred to as the "said Act"), are not entitled for input tax credit in terms of the provisions of sub-section (1) of section 9 of the said Act;
And whereas the Government vide Notification No. 4/5/2005-Fin(R&C)(4) dated 31st March, 2005 (herein after called as "said Notification"), issued under sub section (2) of section 6 of the said Act has exempted from the payment of output tax the subsequent sales of all the goods for such period as specified in the said Notification;
And whereas the purchases of such goods which were made on payment of tax at first point of sale under the earlier law and which are in stock as on the appointed day, the dealer will be liable to pay tax under the said Act without being entitled for input tax credit on same stock which will amount to double taxation;
And whereas it is found necessary to remove the aforesaid difficulty.
Now, therefore the Government of Goa, in exercise of the powers conferred by section 90 of the said Act, hereby directs that the sale of the goods from out of stock held on the appointed day and which are specified in the said Notification shall be exempted from tax subject to the following conditions:-
(1) Dealer shall submit a statement of such goods held in stock to the Appropriate Assessing Authority within 10 days of the appointed day.
(2) Purchases of such goods in stock should have been made during the preceding 10 days prior to the appointed day and duly supported by purchase invoices.
(3) Adequate evidence should be adduced to the satisfaction of the Appropriate Assessing Authority that the tax was paid under the earlier law on such goods held in stock.
(4) The dealer claiming exemption should be registered under the said Act.
This Order shall come into force with effect from the appointed day.