KARNATAKA ACT NO 12 OF 2014

(First Published in the Karnataka Gazette Extra-ordinary on the Twenty eighth day of February, 2014)

THE KARNATAKA VALUE ADDED TAX (AMENDMENT) ACT, 2014

(Received the assent of the Governor on the Twenty eighth day of February, 2014)

An Act further to amend the Karnataka Value Added Tax Act, 2003.

Whereas it is expedient further to amend the Karnataka Value Added Tax Act, 2003 (Karnataka Act 32 of 2004) for the purposes hereinafter appearing;

Be it enacted by the Karnataka State Legislature in the Sixty fifth year of the Republic of India, as follows.-

1. Short title and commencement.-

(1) This Act may be called the Karnataka Value Added Tax (Amendment) Act, 2014.

(2) It shall come into force with effect from the First day of March, 2014.

2. Amendment of section 22.-

In the Karnataka Value Added Tax Act, 2003 (Karnataka Act 32 of 2004) (hereinafter referred to as the principal Act), in section 22,

(i) in sub-section (2), for the words "five" the words "seven and one half" shall be substituted;

(ii) in sub-section (3), for the words "forty thousand" the words "Sixty two thousand five hundred" shall be substituted; and

(iii) sub-section (9-A) shall be omitted.

3. Amendment of section 27.-

In section 27 of the principal Act, in sub-section (1), in clause (c), for the words

"five" the words "seven and one half" shall be substituted.

4. Amendment of section 31.-

In section 31 of the principal Act, after sub-section (4), the following sub-section

shall be inserted namely.-

"(5) Every registered dealer shall furnish every year to the prescribed authority, a statement relating to his turnovers in such form, containing such particulars and within such period as may be prescribed."

5. Amendment of section 63.-

In section 63 of the principal Act, in sub-section (4), the following proviso shall be inserted, namely.-

"Provided that a single appeal may be preferred against orders of assessment or reassessment or any other orders or proceedings, in respect of more than one tax periods of any year."

6. Amendment of section 72.-

In section 72 of the principal Act, in sub-section (1), the following proviso shall be inserted, namely.-

"Provided that no penalty shall be payable for failure to furnish a return for any tax period in a year under this sub-section by a dealer who not being liable to get registered under section 22 and is also not liable to pay any tax for such tax period, if he makes an application for cancellation of his certificate of registration."

7. Amendment of section 74.-

In section 74 of the principal Act,

(i) in the heading, after the words "Statement of accounts" the words "and turnovers" shall be inserted.

(ii) in sub-section (4), after the words "audited statement of accounts" in the two places they occur, the words "or statement as required under sub-section (5) of Section 31of the Act, as the case may be" shall be inserted.

8. Amendment of First Schedule.-

In the First Schedule to the principal Act, the entries relating to serial number 34 shall be omitted.

9. Amendment of Third Schedule.-

In the Third Schedule to the principal Act, after the entries relating to serial number 59, the following shall be inserted, namely.-

"59-A Liquor including beer, fenny, liqueur and wine"

By Order and in the name of the Governor of Karnataka,

S.B. GUNJIGAVI

Secretary to Government

Department of Parliamentary Affairs and Legislation