2. The following new section is hereby inserted, immediately after section 48 of the Turnover Tax Act, No. 69 of 1981, and shall have effect as section 48A of that Act:-
| 48A.
| | (1) Where any registered manufacturer (hereinafter in this section referred to as the " first-mentioned manufacturer "), has during any quarter commencing on or after October 1, 1991, paid,
| | | (i) to another registered manufacturer (hereinafter in this section referred to as the "second-mentioned manufacturer") , in respect of any transaction entered into during that quarter, any sum which includes turnover tax, or |
| (ii) to the Director-General of Customs under section 12, during that quarter, any turnover tax, |
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| | (2) The residue of the turnover tax which is deductible in accordance with the provisions of subsection (1), alter its deduction from the turn over tax in respect of. the turnover referred to in subsection (1) for each of the twenty quarters reckoned from the quarter for which the deduction was first made shall, subject to the provisions of section 49 be refunded: | | |
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Sri Lanka Consolidated Acts