2. Section 120 of the Finance Act, No. 11 of 1963, as amended by Act No. 50 of 1968, is hereby further amended as follows: -
| (1) in sub-section (1) of that section, by the substitution, for all the words from " charge able with business turnover tax " to the end of that sub-section, of the following:- |
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| (2) by the insertion, immediately after sub-section (1A) of that section, of the following sub-section : -
| | " (1B)
| | | (a) Where any person commences to carry on any business on a day within any year of assessment commencing on or after October 1, 1969, or during the year of assessment commencing on October 1, 1969, begins to make, in the course of carrying on any business started by him prior to that date, regular sales of goods or commodities, such person shall, notwithstanding anything to the contrary in sub-section (1), be chargeable with business turnover tax in respect of the turnover made by him during that year of assessment from the business commenced by him, or from the business in the course of which such sales of goods or commodities were made, or, where the business commenced by him or in the course of which such sales of goods or commodities were made together with any other business carried on by him is deemed to be one business for the purposes of this Part of this Act, from the businesses so deemed to be one: |
| (b) Where the turnover made by any person for any year of assessment from any business commenced by him, or from the sales of goods or commodities made in the year of assessment commencing on October 1, 1969, in the course of carrying on any business is less than the sum which bears to seventy-five thousand rupees the same pro portion as the number of days in the period beginning on the date of commencement of such business or sales of goods or commodities and ending on the last day of that year of assessment bears to three hundred and sixty-five, such person shall, upon an application made within three years after the expiry of that year of assessment, be entitled to a refund of the tax paid by him under the preceding provisions of this sub-section.". |
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Sri Lanka Consolidated Acts