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3. Presently, in terms of the provisions of the Value Added Tax Act, any
notification issued under section 5 takes effect prospectively. However,
sometimes it becomes necessary and expedient to give effect to such
notifications, retrospectively; so that, the intended beneficiaries are not put to
trouble during the assessment process. I therefore propose to amend the
provisions of section 5 suitably.
4. Speaker Sir, it is observed that many a dealers under composition
scheme fail to file their application for renewal on account of their pre-
occupation with the business; so also, there is confusion over determining the
annual turnover. To remove this difficulty and to assist this small dealer, I
propose to amend the provisions accordingly. I also propose to enhance the
fees for application for composition to ` 500/- only.
5. Sir, it has been brought to my notice that the dealers claim benefit of
Input Tax Credit (ITC) against tax invoices which are of higher value, than the
actual sale invoice made out by the dealer during sales. This leads to higher
refunds and therefore Assessing Authorities are reluctant to admit such
claims. I therefore, propose to amend section 9 of the VAT Act to take care of
such claims.
6. Sir, the input tax credit in terms of clause 9 of the Goa Value Added Tax
Deferment cum Net Present Value Compulsory Payment Scheme, 2005; is
availed by the unit in terms of Restrictive Tax Invoices. It has been brought to
my notice that many units are not issuing such invoice in the prescribed
manner and are therefore denied the exemption benefit. I therefore, propose
to amend the clause 9 of the NPV scheme to introduce the Restrictive Tax
Invoices which are pre-authenticated.
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