2. Section 120 of the Finance Act, No. 11 of 1963, (hereinafter referred to as the " principal enactment "), as last amended by Act No. 55 of 1971, is hereby further amended as follows:-
| (a) by the repeal of subsection (1) of that section and the substitution therefor of the following new subsection:-
| | "(1) A person shall, in respect of any business carried on by him in Sri Lanka, be chargeable with business turnover tax-
| | | (a) for any year of assessment ending on or before September 30, 1969, if-
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| (b) for the year of assessment commencing on October 1, 1969, and for the next subsequent year of assessment if-
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| (c) for each quarter in any year of assessment commencing on or after October 1, 1971, but prior to October 1, 1977, if-
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| (d) for each quarter in any year of assessment commencing on or after October 1, 1977, if-
For the purposes of paragraph (c) and paragraph (d), the sum realised by any person carrying on a business from the sale of any article declared to be an excepted article under section 121 shall form part of the turnover of that business. " ; and
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| (b) by the repeal of subsection (1B) of that section and the substitution therefor of the following new subsection:-
| | (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, but prior to October 1, 1971, 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 subsection (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 business so deemed to be one : |
| (b) Where the turnover made by any person for any year of assessment commencing on or after October 1, 1969, but prior to October 1, 1971, 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 proportion 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