5. Section 47 of the principal enactment is hereby amended as follows: -
| (1) by the re-numbering of that section as subsection (1) of that section; |
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| (2) by the addition, immediately after the renumbered subsection (1) of the following subsections:"
| | "(2) Notwithstanding the preceding provisions of this section, where there remains any residue of the turnover tax which is deductible in accordance with the provisions of subsection (1), for each of the quarters preceding the last quarter, such residue shall be deducted, to the extent it can be so deducted, from the turnover tax payable by any person, in respect of the turnover referred to in subsection (1) for the last quarter, and any balance of the residue after such deduction shall, subject to the provisions of section 49, be refunded after the expiry of six months reckoned from the date on which the Goods and Services Tax Act, No. 34 of 1996 comes into operation. | | |
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| (3) The provisions of subsection (2) shall not apply to any business referred to in paragraph (b) of section 2.". |
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Sri Lanka Consolidated Acts