(1) A new industrial unit opting for the scheme of deferred payment of tax shall apply for and obtain certificate of eligibility in accordance with the instructions issued by the State Government in the Commerce and Industries Department for the said purpose. An application in writing shall be submitted within forty-five days of the publication of these rules or of commencement of the production whichever is later. In the application form the new industrial unit shall indicate that it has opted for scheme of deferred payment of tax. The option once exercised shall be irrevocable. The form of the application as well as the certificate of eligibility shall be as specified in the said instructions. The application shall be made to the General Manager, District Industries Centre of the district where the new industrial unit is or is proposed to be located and shall be processed further in accordance with the said instructions. The certificate of eligibility in respect of large and medium scale units shall be issued by the Director of Industries (Government of Madhya Pradesh) and in respect of small-scale units by the said General Manager, and shall carry a specific and district number given by the said officer.
(2) A copy of the certificate of eligibility shall be forwarded by the officer issuing the certificate to the appropriate Sales Tax Officer i.e., the Sales Tax Officer in whose circle the industrial unit is registered as a dealer. The Sales Tax Officer receiving the copy of the certificate of eligibility shall maintain a record of the same in such form as may be directed by the Commissioner and shall not enforce recovery of the tax payment whereof has been shown to have been deferred in the certificate of eligibility.
(3) The new industrial unit shall be entitled to defer the payment of the tax for a period of ten years. This entitlement shall be available only on receipt of the certificate of eligibility to it under sub-rule (1). The certificate of eligibility shall show the duration for which the payment of the tax has been deferred. The year in which the tax pertaining to any accounting year of the industrial unit is required to be paid consequent upon deferment of tax shall also be shown in the certificate of eligibility. The entire tax assessed pertaining to any accounting year shall be payable by the industrial unit in lumpsum on the expiration of duration of deferment and payment of such tax shall be made within thirty days of the date on which the period of ten years from the end of the relevant accounting year expires.
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