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| 92.Annual ceiling on benefits to be availed of under Package Scheme of Incentives M. VAT ACT | |
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92.Annual ceiling on benefits to be availed of under Package Scheme of Incentives
(1) Notwithstanding anything to the contrary contained in any of the Package Scheme of Incentives, no Eligible Unit to whom the Eligibility Certificate has been granted shall be eligible to draw the benefits in any year after the appointed day, in respect of the production in excess of the annual production capacity of that unit as may be prescribed by the State Government, having regard to the licensing provisions, as they stood from time to time, under the Industries (Development and Regulation) Act. 1951, as applicable during the relevant period, as that Act stood during the relevant time.
(2) The benefits availed of by any Eligible Unit in contravention of sub-section (1) shall be and shall be deemed to have been withdrawn and such Unit shall be liable to pay the tax including penalty and interest in respect of sales or purchases, in so far as they relate to such excess production referred to in sub-section (1).
(3) A unit holding a Certificate of Entitlement shall not be entitled to claim or receive any incentives towards,-
a) a sale made by way of transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract
b) a sale made by transfer of right to use any goods for any purpose (whether or not for a specified period)for cash, deferred payment or other valuable consideration.
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