28. Section 75 of the principal enactment is hereby amended as follows :
| (1) in subsection (1) of that section by the substitution for the words "exceeds two hundred thousand rupees", of the words "exceeds five hundred thousand rupees"; |
|
| (2) in subsection (7) of that section by the substitution for the words "for the period specified in subsection (1)" of the words "for any taxable period after the appointed date"; |
|
| (3) by the addition immediately after subsection (3) of that section of the following subsection:-
| | "(4) Where it is proved to the satisfaction of the Commissioner-General that any registered person has paid turnover tax under section 12 of the Turnover Tax Act, No. 69 of 1981 in respect of goods imported into Sri Lanka by such person before the appointed date and such goods are supplied by such person in the course of making taxable supplies which are not within section 3, on or after the appointed date, such turnover tax paid or part thereof attributable to such taxable supply shall be deemed to be input tax credit for the purposes of section 22, if such turnover tax or a part thereof is not given credit for or refundable under sections 47,48, 48A, and 48B of the Turnover Tax Act, No. 69 of 1981 or not refunded under section 49 of the said Act". | | |
|
|
|
Sri Lanka Consolidated Acts