27. The following new sections are hereby inserted immediately after section 71 and shall have effect as sections 71A and 71B respectively of the principal enactment.
| 71 A.
| | (1) There shall be established a Fund called the Goods and Services Tax Refund (hereinafter referred to as "the Fund") | | |
| | (2) There shall be credited to the Fund-
| | | (a) a sum of Rupees one hundred million which shall be paid out of the Consolidated Fund to the Fund ; |
| (b) twenty five per centum of the Goods and Services Tax collected every month commencing from the appointed date, on or before the fifteenth day of the month immediately succeeding that month. |
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| | (3) There shall be paid out of the Fund all refunds required to be paid in accordance with the provisions of this Act. | | |
| | (4)
| | | (i) The Commissioner-General or any other officer of the Department of Inland Revenue authorized by him in that behalf in writing shall administer the Fund. |
| (ii) Regulations may be made as regards the manner and mode in which the refunds may be made. |
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| 71B. The Commissioner-General may pay, from sums appropriated for that purpose by Parliament, such sums of money as he considers reasonable in the circumstances of the case, to any individual who provides information which results in the assessment of the tax payable by any other person and the collection of tax from such person". |
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Sri Lanka Consolidated Acts