47. Where a registered manufacturer has paid to another registered manufacturer during any quarter any sum in respect of any transaction which includes turnover tax on articles used by the first-mentioned registered manufacturer in his business of manufacture of articles liable to turnover tax, the turnover tax so included shall be deducted from the turnover tax payable by the first mentioned registered manufacturer for that quarter:Provided that
| (a) no deduction shall be made for tax in respect of any plant, machinery, fixtures, buildings, vehicles or other capital assets used in that business; |
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| (b) no deduction shall be made for turnover tax in respect of articles used in any business which is exempt from turnover tax under section 4 or in the manufacture of excepted articles; |
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| (c) no deduction shall be made unless he has obtained from the manufacturer from whom such articles were purchased by him a voucher as required by subsection (2) of section 46; |
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| (d) any turnover tax included in any sum paid prior to the date of registration as a registered manufacturer shall be allowed as a deduction from the tax payable for the quarter in which such registered manufacturer becomes chargeable to turnover tax; |
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| (e) any excess of such deduction over the tax payable for the quarter shall not be refunded but deducted from the tax payable for the subsequent quarter and so on: |
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Sri Lanka Consolidated Acts