In the said Act, for the existing Section 12 A the following section shall be substituted, namely:-
“12A(1) “The Value Added Tax (VAT) payable by an Industrial Unit shall be deferred for a period of 10 (ten) years and for a period of 12 (twelve) years for notified thrust industries from the date of commencement of actual commercial production. These industrial units will be permitted to collect VAT and roll it back as working capital for the entire period of deferment as the case may be. At the end of the deferment period, the VAT collected will have to be remitted to the Government Account in four half yearly installments. In case of those units which are already enjoying the sales tax exemption the same will be converted into VAT deferral scheme as above for the remaining periods of their exemption as the case may be.”
(2) The levy of State Excise Duty and Sales Tax on units manufacturing alcoholic/beer products shall be governed by such notification as may be issued by the State Government from time to time.
(2) Central Sales Tax shall not be exempted.
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