4. Section 48 of the principal enactment is hereby of section repealed, and the following section substituted therefor:-
| 48. Where any registered manufacturer has paid to the Director-General of Customs, under section 12 during any quarter any turnover tax in respect of articles used by such manufacturer in his business of manufacture of articles, such turnover tax shall be deducted from any turnover tax payable by him, for that quarter in respect of the turnover arising from the sale of articles manufactured by him: Provided that
| | (a) no deduction shall be made for any turnover tax so paid | | |
| | (b) | | | (i) where the amount of the deduction for any quarter ending on or before March 31, 1989, exceeds the amount of the turnover tax payable for that quarter in respect of such turnover, such excess shall not be refunded but shall be deducted to the extent it can be so deducted from the turnover tax, in respect of such turnover, payable for the quarter immediately succeeding that quarter and any balance of such excess from the turnover tax, in respect of such turnover, payable for the next succeeding quarter and so on ; and |
|
|
|
|
Sri Lanka Consolidated Acts