In exercise of the powers conferred by the clause(xxiiA) of Section-2 read with Section-11 of the Jharkhand Value Added Tax Act, 2005 (Jharkhand Act 05,2006) (as amended by Act 03, 2008) which prescribes for levy and collection of tax on Import Price(s) on entry of goods mentioned in Schedule III of the Act, into the state or into a local area for consumption, use or sale therein, subject to conditions as may be prescribed and also other conditions laid down under sub-section(2) and (3) of section-II and all other enabling powers in this behalf, the Governor of Jharkhand is pleased to create a Fund to be known as The Jharkhand TradeDevelopment Fund (hereinafter called the `Fund').

2 The proceeds of the entry tax levied and and collected under Section-11 of the Jharkhand Value Added Tax Act, 2005 (Jharkhand Act, 5 of 2006) shall be appropriated into the `Fund'.

3 The Proceeds of the "Fund" shall be exclusively utilized for facilitating trade, commerce and industry through out the State of Jharkhand which shall include the following-

(a)Construction, development and maintenance of roads and bridges for linking the market and industrial areas to their hinterlands;

(b) Providing finance, aids, grants and subsidies for development of infrastructure to facilitate free movement of goods;

(c) Creating infrastructure for supply of electrical energy and water supply to augment trade and commerce in the state;

(d) Creation, development and maintenance of other infrastructure for the furtherance of trade, commerce and industry in general.

4 There shall be constituted a High Level Committee under the Chairmanship of the Chief Secretary for specifying the manner in which the proceeds of the "Fund" shall be utilized. The Committee shall be consisting of a Chairman, a Member Secretary and the following ex-officio members:

5 The Headquarter of the said Committee shall be at Ranchi.

6 High Level Committee shall identify and sanction schemes to be completed from the proceeds of the Fund keeping in view necessary facilities and infrastructure gto be created for the benefit of entry tax payers as far as possible commensurate with their respective contribution by such class of tax payers.

7. The member Secreatry of the Committee shall convene the meeting, at least once a year to allocate the proceeds of the amount so collected, to the different respective departments in order to achieve the objective of this "Fund".

8 High Level Committee shall monitor the utilization of Fund for the purposes specified inClause (3) from time to time with a view to ensure full and proper utilisation thereof.

9 The entry tax deposited under Jharkhand Value Added Tax Act, 2005 under minor Head-106 of the major Head-0042 shall be deemed to have been appropriate into the Fund.

10 Any amount credited to the Fund and unutilized during any financial year shall be utilized for the same purpose in the subsequent financial year in accordance with the direction of the High Level Committee.

11 This notification shall remain valid for ten years, provided the State Government may extend its validity for such period as it may deem necessary in this regard.

This notification shall be deemed to have come into effect from 1st April, 2008.