(1) A new industrial unit other than a unit specified in rule 14 which is covered by any of the categories specified in section 22-D and of the Act and which is engaged in the manufacture and sale of any goods shall qualify for deferred payment of the tax payable by it provided it is eligible for grant of the concession of exemption from payment of tax in terms of Notifications No. A-3-41-81 (35)-ST-V dated the 23rd October, 1981 (See (1982) 49 STC Statutes 142.), and No. A-3-41-81 (31)-ST-V dated the 29th June, 1982 (See (1982) 51 STC Statutes 33.), as amended from time to time subject to the provisions of the Act. The period pertaining to which the tax which the new industrial unit can defer will be the same for which it could have obtained the concession unit can defer will be the same for which it could have obtained the concession of the exemption from payment of tax, i.e., the period pertaining to which the tax can be deferred will be the period shown in column (2) of the said notification.
(2) The new industrial unit shall be eligible to defer only the payment of tax which is due from it under the Act.
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