Panaji, 9th January, 2020 (Pausa 19, 1941)
SERIES I No. 41
Reg. No. G-2/RNP/GOA/32/2018-20
RNI No. GOAENG/2002/6410
PUBLISHED BY AUTHORITY
NOTE
There is one Supplement and an Extraordinary issue to the Official Gazette, Series I No. 40 dated 2-01-2020 as
follows:—
(1) Supplement dated 3-01-2020 from pages 1157 to 1236 from Department of Law & Judiciary (Legal Affairs Division),
Notification No. 10/6/2018-LA-108 regarding The Finance Act, 2018.
(2) Extraordinary dated 7-01-2020 from pages 1237 to 1238, from Department of Finance, Notification No. CCT/26-2/
/2018-19/50/2577 regarding amendment to the Goa Goods and Services Tax Act, 2017.
INDEX
Department
Notification/Bill
Subject
Pages
1. Civil Supplies &
Not.- DCS/ENF/C.O/FS/
The Removal of Licensing Requirements, Stock
1239
Consumer Affairs
/19-20/245
Limits and Movement Restrictions on Specified
Dir. & ex officio Jt. Secy.
Foodstuffs (Fourth Amendment) Order, 2019.
2. Goa Legislature Secretariat
Bill-LA/LEGN/2020/2158
The Goa Goods & Services Tax (Amendment)
1240
Bill, 2020.
3. Law & Judiciary
Not.- 10/4/2019-LA-180
The Finance Act, 2019.
1258
Joint Secretary
GOVERNMENT OF GOA
Department of Civil Supplies and
Consumer Affairs
___
Notification
DCS/ENF/C.O/FS/19-20/245
Order bearing No. S.O. 4341(E) dated 3rd
December, 2019 published in Part II Section
3, sub-section (ii) of the Gazette of India
(Extraordinary) dated, 3rd December, 2019
issued by Ministry of Consumer Affairs, Food
and Public Distribution, Dept. of Consumer
Affairs, New Delhi making the Order further
to amend the “The Removal of Licensing
Requirement, Stock Limits and Movement
Restriction on specified Foodstuff Order, 2016”,
is hereby republished for general information
of the public.
Sagun R. Velip, Director & ex officio Joint
Secretary (Civil Supplies & Consumer Affairs).
Panaji, 30th December, 2019.
_______
MINISTRY OF CONSUMER AFFAIRS, FOOD
AND PUBLIC DISTRIBUTION
(Department of Consumer Affairs)
___
Order
New Delhi, the 3rd December, 2019
S.O. 4341(E).— In exercise of the powers
conferred by section 3 of the Essential
1239
Suggestions are welcomed on e-mail: dir–[email protected]
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1240
Commodities Act, 1955 (10 of 1955), the
Central Government hereby makes the
following order to further amend the Removal
of Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs
Order, 2016, namely:—
1. Short Title and Commencement.— (1)
This order may be called the Removal of
Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs
(Fourth Amendment) Order, 2019.
(2) It shall come into force with immediate
effect.
2.
In
the
Removal
of
Licensing
Requirements, Stock Limits and Movement
Restrictions on Specified Foodstuffs Order,
2016, in clause 3, in sub-clause (2), the item
(iv) is substituted by the following:—
“(iv) Onion, with the following stock
limits on traders for all States and Union
Territories;
Wholesaler: 25 MT and Retailer: 5 MT
Provided that an importer, being a
wholesaler or retailer or dealer shall be
exempted for the imported stock of onions.”.
[F. No. S-10/3/2017-ECR&E]
ROHlT KUMAR PARMAR,
Senior Economic Adviser
Foot Note: The principal order was published in
the Gazette of India, Extraordinary,
Part II, Section 3, Sub-section (i), vide
number G.S.R. 929(E), dated the 29th
September, 2016 and was subsequently
amended vide numbers S.O. 3341 (E),
dated the 27th October, 2016, S.O.
1288(E), dated the 25th April, 2017, S.O.
1600(E), dated the 17th May, 2017, S.O.
2785(E), dated the 25th August, 2017,
S.O. 3136(E), dated the 27th September,
2017, S.O. 3397(E), dated the 23rd
October, 2017, S.O. 3422(E), dated the
25th October, 2017, S.O. 4079(E), dated
the 27th December, 2017, S.O. 2414(E),
dated the 13th June, 2018, S.O. 2826(E),
dated the 6th August, 2019, S.O. 3540(E),
dated the 29th September, 2019 and S.O.
4298(E), dated the 28th November, 2019.
Goa Legislature Secretariat
LA/LEGN/2020/2158
The following bill which was introduced in
the Legislative Assembly of the State of Goa
on 7th January, 2020 is hereby published for
general information in pursuance of Rule–138
of the Rules of Procedure and Conduct of
Business of the Goa Legislative Assembly.
________
The Goa Goods and Services Tax
(Amendment) Bill, 2020
(Bill No. 1 of 2020)
A
BILL
to amend the Goa Goods and Services Tax
Act, 2017 (Goa Act 4 of 2017).
Be it enacted by the Legislative Assembly
of Goa in the seventy-first Year of the Republic
of India as follows:—
1. Short title and commencement.— (1) This
Act may be called the Goa Goods and
Services Tax (Amendment) Act, 2020.
(2) Save as otherwise provided in this Act,
the provisions of sections 2 to 21 of this Act,
except section 7, section 10 and sections 13
to 20 shall be deemed to come into force from
01-01-2020 and different dates may be
appointed for different provisions of this Act
and any reference in any such provision to
the commencement of this Act shall be
construed as a reference to the coming into
force of that provision.
2. Amendment of section 2.— In section 2
of the Goa Goods and Services Tax Act, 2017
(hereinafter referred as the “principal Act”)
in clause (4), after the words “the Appellate
Authority for Advance Ruling,”, the words
“the National Appellate Authority for Advance
Ruling,” shall be inserted.
3. Amendment of section 10.— In section
10 of the principal Act,––
(a) in sub-section (1), after the second
proviso, the following Explanation shall be
inserted, namely:—
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1241
“Explanation.— For the purposes of
second proviso, the value of exempt
supply of services provided by way of
extending deposits, loans or advances
in so far as the consideration is
represented by way of interest or
discount shall not be taken into account
for determining the value of turnover in
a State.”;
(b) in sub-section (2),—
(i) in clause (d), the word “and”
occurring at the end shall be omitted;
(ii) in clause (e), for the word
“Council”, the words “Council; and”
shall be substituted;
(iii) after clause (e), the following
clause shall be inserted, namely:––
“(f) he is neither a casual taxable
person nor a non-resident taxable
person:”;
(c) after sub-section (2), the following
sub-section shall be inserted, namely:––
“(2A) Notwithstanding anything to the
contrary contained in this Act, but
subject to the provisions of sub-sections
(3) and (4) of section 9, a registered
person, not eligible to opt to pay tax
under sub-section (1) and sub-section
(2), whose aggregate turnover in the
preceding financial year did not exceed
fifty lakh rupees, may opt to pay, in
lieu of the tax payable by him under
sub-section (1) of section 9, an amount
of tax calculated at such rate as may be
prescribed, but not exceeding three per
cent. of the turnover in State, if he is
not—
(a) engaged in making any supply
of goods or services which are not
leviable to tax under this Act;
(b) engaged in making any inter-
-State outward supplies of goods or
services;
(c) engaged in making any supply
of goods or services through an
electronic commerce operator who is
required to collect tax at source under
section 52;
(d) a manufacturer of such goods or
supplier of such services as may be
notified by the Government on the
recommendations of the Council; and
(e) a casual taxable person or a non-
-resident taxable person:
Provided that where more than one
registered persons are having the
same Permanent Account Number
issued under the Income-tax Act,
1961, the registered person shall not
be eligible to opt for the scheme under
this sub-section unless all such
registered persons opt to pay tax
under this sub-section.”;
(d) in sub-section (3), after the words,
brackets and figure “under sub-section (1)”
at both the places where they occur,
the words, brackets, figure and letter “or
sub-section (2A), as the case may be,” shall
be inserted.
(e) in sub-section (4), after the words,
brackets and figure “of sub-section (1)”,
the words, brackets, figure and letter “or,
as the case may be, sub-section (2A)” shall
be inserted.
(f) in sub-section (5), after the words,
brackets and figure “under sub-section
(1)”, the words, brackets, figure and letter
“or sub-section (2A), as the case may be,”
shall be inserted.
(g) after sub-section (5), the following
Explanations shall be inserted, namely:––
‘Explanation 1.— For the purposes of
computing aggregate turnover of a person
for determining his eligibility to pay tax
under this section, the expression
“aggregate turnover” shall include the
value of supplies made by such person
from the 1st day of April of a financial year
upto the date when he becomes liable for
registration under this Act, but shall not
include the value of exempt supply of
services provided by way of extending
deposits, loans or advances in so far as the
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1242
consideration is represented by way of
interest or discount.
Explanation 2.— For the purposes of
determining the tax payable by a person
under this section, the expression “turnover
in State” shall not include the value of
following supplies, namely:—
(i) supplies from the first day of April
of a financial year upto the date when
such person becomes liable for
registration under this Act; and
(ii) exempt supply of services provided
by way of extending deposits, loans or
advances in so far as the consideration
is represented by way of interest or
discount.’.
4. Amendment of section 22.— In section
22 of the principal Act, in sub-section (1),
after the second proviso, the following shall
be inserted, namely:—
“Provided also that the Government may,
on the recommendations of the Council,
by notification, enhance the aggregate
turnover from twenty lakh rupees to such
amount not exceeding forty lakh rupees in
case of supplier who is engaged exclusively
in the supply of goods, subject to such
conditions and limitations, as may be
notified.
Explanation.— For the purposes of this
sub-section, a person shall be considered
to be engaged exclusively in the supply of
goods even if he is engaged in exempt
supply of services provided by way of
extending deposits, loans or advances in
so far as the consideration is represented
by way of interest or discount.”.
5. Amendment of section 25.— In section
25 of the principal Act, after sub-section (6),
the following sub-sections shall be inserted,
namely:—
“(6A) Every registered person shall
undergo authentication, or furnish proof of
possession of Aadhaar number, in such
form and manner and within such time as
may be prescribed:
Provided that if an Aadhaar number is
not assigned to the registered person, such
person shall be offered alternate and viable
means of identification in such manner as
Government may, on the recommendations
of the Council, prescribe:
Provided further that in case of failure to
undergo authentication or furnish proof of
possession of Aadhaar number or furnish
alternate and viable means of identification,
registration allotted to such person shall
be deemed to be invalid and the other
provisions of this Act shall apply as if such
person does not have a registration.
(6B) On and from the date of notification,
every individual shall, in order to be eligible
for grant of registration, undergo
authentication, or furnish proof of
possession of Aadhaar number, in such
manner as the Government may, on the
recommendations of the Council, specify
in the said notification:
Provided that if an Aadhaar number is
not assigned to an individual, such
individual shall be offered alternate and
viable means of identification in such
manner as the Government may, on the
recommendations of the Council, specify
in the said notification.
(6C) On and from the date of notification,
every person, other than an individual,
shall, in order to be eligible for grant of
registration, undergo authentication, or
furnish proof of possession of Aadhaar
number of the Karta, Managing Director,
whole time Director, such number of
partners,
Members
of
Managing
Committee of Association, Board of
Trustees, authorised representative,
authorized signatory and such other class
of persons, in such manner, as the
Government may, on the recommendation
of the Council, specify in the said
notification:
Provided that where such person or class
of persons have not been assigned the
Aadhaar Number, such person or class of
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1243
persons shall be offered alternate and
viable means of identification in such
manner as the Government may, on the
recommendations of the Council, specify
in the said notification.
(6D) The provisions of sub-section (6A)
or sub-section (6B) or sub-section (6C) shall
not apply to such person or class of persons
or part of the State, as the Government
may, on the recommendations of the
Council, specify by notification.
Explanation.— For the purposes of this
section, the expression “Aadhaar number”
shall have the same meaning as assigned
to it in clause (a) of section 2 of the Aadhaar
(Targeted Delivery of Financial and Other
Subsidies, Benefits and Services) Act,
2016.”.
6. Insertion of new section 31A.— After
section 31 of the principal Act, the following
section shall be inserted, namely:––
“31A. Facility of digital payment to
recipient.— The Government may, on the
recommendations of the Council, prescribe
a class of registered persons who shall
provide prescribed modes of electronic
payment to the recipient of supply of goods
or services or both made by him and give
option to such recipient to make payment
accordingly, in such manner and subject
to such conditions and restrictions, as may
be prescribed.”.
7. Amendment of section 39.— In section
39 of the principal Act,––
(a) for sub-sections (1) and (2), the
following sub-sections shall be substituted,
namely:––
“(1) Every registered person, other
than an Input Service Distributor or a
non-resident taxable person or a person
paying tax under the provisions of
section 10 or section 51 or section 52
shall, for every calendar month or part
thereof, furnish, a return, electronically,
of inward and outward supplies of goods
or services or both, input tax credit
availed, tax payable, tax paid and such
other particulars, in such form and
manner, and within such time, as may
be prescribed:
Provided that the Government may, on
the recommendations of the Council,
notify certain class of registered persons
who shall furnish a return for every
quarter or part thereof, subject to such
conditions and restrictions as may be
specified therein.
(2) A registered person paying tax
under the provisions of section 10, shall,
for each financial year or part thereof,
furnish a return, electronically, of
turnover in the State, inward supplies of
goods or services or both, tax payable,
tax paid and such other particulars in
such form and manner, and within such
time, as may be prescribed.”;
(b) for sub-section (7), the following sub-
-section shall be substituted, namely:––
“(7) Every registered person who is
required to furnish a return under
sub-section (1), other than the person
referred to in the proviso thereto, or
sub-section (3) or sub-section (5), shall
pay to the Government the tax due as
per such return not later than the last
date on which he is required to furnish
such return:
Provided that every registered person
furnishing return under the proviso to
sub-section (1) shall pay to the
Government, the tax due taking into
account inward and outward supplies
of goods or services or both, input tax
credit availed, tax payable and such
other particulars during a month, in such
form and manner, and within such time,
as may be prescribed:
Provided further that every registered
person furnishing return under sub-
-section (2) shall pay to the Government
the tax due taking into account turnover
in the State, inward supplies of goods or
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1244
services or both, tax payable, and such
other particulars during a quarter, in
such form and manner, and within such
time, as may be prescribed.”.
8. Amendment of section 44.— In section
44 of the principal Act, in sub-section (1), the
following provisos shall be inserted,
namely:—
“Provided that the commissioner may,
on the recommendations of the Council
and for reasons to be recorded in writing,
by notification, extend the time limit for
furnishing the annual return for such class
of registered persons as may be specified
therein:
Provided further that any extension of
time limit notified by the Commissioner of
Central tax shall be deemed to be notified
by the Commissioner.”.
9. Amendment of section 49.— In section
49 of the principal Act, after sub-section (9),
the following sub-sections shall be inserted,
namely:—
“(10) A registered person may, on the
common portal, transfer any amount of tax,
interest, penalty, fee or any other amount
available in the electronic cash ledger
under this Act, to the electronic cash ledger
for integrated tax, central tax, State tax, or
cess, in such form and manner and subject
to such conditions and restrictions as may
be prescribed and such transfer shall be
deemed to be a refund from the electronic
cash ledger under this Act.
(11) Where any amount has been
transferred to the electronic cash ledger
under this Act, the same shall be deemed
to be deposited in the said ledger as
provided in sub-section (1).”.
10. Amendment of section 50.—In section
50 of the principal Act, in sub-section (1), the
following proviso shall be inserted, namely:—
“Provided that the interest on tax
payable in respect of supplies made during
a tax period and declared in the return for
the said period furnished after the due date
in accordance with the provisions of section
39, except where such return is furnished
after commencement of any proceedings
under section 73 or section 74 in respect
of the said period, shall be levied on that
portion of the tax that is paid by debiting
the electronic cash ledger.”.
11. Amendment of section 52.— In section
52 of the Principal Act,—
(i) In sub-section (4), the following
provisos shall be inserted, namely:—
“Provided that the Commissioner may,
for the reasons to be recorded in writing,
by notification, extend the time limit for
furnishing the statement for such class
of registered persons as may be specified
therein:
Provided further that any extension of
time limit notified by the Commissioner
of Central tax shall be deemed to be
notified by the Commissioner.”;
(ii) In sub-section (5), the following
provisos shall be inserted, namely:—
“Provided that the Commissioner may,
on the recommendation of the Council
and for the reasons to be recorded in
writing, by notification, extend the time
limit for furnishing the annual statement
for such class of registered persons as
may be specified therein:
Provided further that any extension of
time limit notified by the Commissioner
of Central tax shall be deemed to be
notified by the Commissioner.”.
12. Insertion of new section 53A.— After
section 53 of the principal Act, the following
section shall be inserted, namely:—
“53A. Transfer of certain amounts.—
Where any amount has been transferred
from the electronic cash ledger under this
Act to the electronic cash ledger under the
Central Goods and Services Tax Act or
under the Integrated Goods and Services
Tax Act or under the Goods and Services
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1245
Tax (Compensation to States) Act, the
Government shall, transfer to the central
tax account or integrated tax account or
cess account, an amount equal to the
amount transferred from the electronic cash
ledger, in such manner and within such
time as may be prescribed.”.
13. Amendment of section 54.— In section
54 of the principal Act, after sub-section (8),
the following sub-section shall be inserted,
namely:—
“(8A) Where the Central Government
has disbursed the refund of State tax, the
Government shall transfer an amount equal
to the amount so refunded, to the Central
Government.”.
14. Amendment of section 95.— In section
95 of the principal Act,––
(i) in clause (a),—
(a) after the words “Appellate
Authority”, the words “or the National
Appellate Authority” shall be inserted;
(b) after the words and figures “of
section 100”, the words, figures and
letter “or of section 101C of the Central
Goods and Services Tax Act” shall be
inserted;
(ii) after clause (e), the following clause
shall be inserted, namely:—
“(f) “National Appellate Authority”
means the National Appellate Authority
for Advance Ruling referred to in section
101A.”.
15. Insertion of new sections 101A.— After
section 101 of the principal Act, the following
section shall be inserted, namely:—
“101A. National Appellate Authority for
Advance Ruling under Central Goods and
Services Tax Act, shall be Appellate
Authority under this Act.— Subject to the
provisions of this chapter, for the purposes
of this Act, the National Appellate
Authority for Advance Ruling constituted
under section 101A of the Central Goods
and Services Tax Act shall be deemed to
be the National Appellate Authority for
Advance Ruling under this Act.”.
16. Amendment of section 102.— In section
102 of the principal Act, in the opening
portion,––
(a)
after
the
words
“Appellate
Authority”, at both the places where they
occur, the words “or the National Appellate
Authority” shall be inserted;
(b) after the words and figures “or
section 101”, the words, figures and letter
“or section 101C of the Central Goods and
Services Tax Act, respectively,” shall be
inserted;
(c) for the words “or the appellant”, the
words, “appellant, the Authority or the
Appellate Authority” shall be substituted.
17. Amendment of section 103.— In section
103 of the principal Act with effect from 1st
day of September 2019,––
(i) after sub-section (1), the following
sub-section shall be inserted, namely:—
“(1A)
The
Advance
Ruling
pronounced by the National Appellate
Authority under this Chapter shall be
binding on—
(a) the applicants, being distinct
persons, who had sought the ruling
under sub-section (1) of section 101B
of Central Goods and Services Tax Act
and all registered persons having the
same Permanent Account Number
issued under the Income-tax Act,
1961;
(b) the concerned officers and the
jurisdictional officers in respect of the
applicants referred to in clause (a) and
the registered persons having the
same Permanent Account Number
issued under the Income-tax Act,
1961.”;
(ii) in sub-section (2), after the words,
brackets and figure “in sub-section (1)”,
the words, brackets, figure and letter “and
sub-section (1A)” shall be inserted.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1246
18. Amendment of section 104.— In section
104 of the principal Act, in sub-section (1),
(a) after the words “Authority or the
Appellate Authority”, the words “or the
National Appellate Authority” shall be
inserted;
(b) after the words and figures “of
section 101”, the words, figures and letter
“or under section 101C of the Central
Goods and Services Tax Act” shall be
inserted.
19. Amendment of section 105.— In section
105 of the principal Act,––
(a) for the marginal heading, the
following marginal heading shall be
substituted, namely:–
“Powers of Authority, Appellate
Authority and National Appellate
Authority”;
(b) in sub-section (1), after the words
“Appellate Authority”, the words “or the
National Appellate Authority” shall be
inserted;
(c) in sub-section (2), after the words
“Appellate Authority at both the places
where they occur”, the words “or the
National Appellate Authority” shall be
inserted.
20. Amendment of section 106.— In section
106 of the principal Act,––
(a) for the marginal heading, the
following marginal heading shall be
substituted, namely:—
“Procedure of Authority, Appellate
Authority and National Appellate
Authority”;
(b)
after
the
words
“Appellate
Authority”, the words “or the National
Appellate Authority” shall be inserted.
21. Amendment of section 171.— In section
171 of the principal Act, after sub-section (3),
the following Amendment shall be inserted,
namely:—
“(3A) Where the Authority referred to in
sub-section (2) after holding examination
as required under the said sub-section
comes to the conclusion that any registered
person has profiteered under sub-section
(1), such person shall be liable to pay
penalty equivalent to ten per cent. of the
amount so profiteered:
Provided that no penalty shall be leviable
if the profiteered amount is deposited within
thirty days of the date of passing of the
order by the Authority.
Explanation.— For the purposes of this
section, the expression “profiteered” shall
mean the amount determined on account
of not passing the benefit of reduction in
rate of tax on supply of goods or services
or both or the benefit of input tax credit to
the recipient by way of commensurate
reduction in the price of the goods or
services or both.”.
________
NOTES ON CLAUSES (for Goa GST
(Amendment) Act, 2020)
Clause 1 of the Bill provides for the Short
title and commencement.
Clause 2 of the Bill seeks to amend clause
(4) of section 2 of the principal Act to insert
the words “the National Appellate Authority
for Advance Ruling” in the definition of
“adjudicating authority” so as to exclude that
authority from the definition of adjudicating
authority.
Clause 3 of the Bill seeks to amend section
10 of the principal Act so as to provide
alternative composition scheme for supplier
of services or mixed suppliers (not eligible
for the earlier composition scheme) having
an annual turnover in preceding financial
year upto rupees fifty lakhs.
Clause 4 of the Bill seeks to amend section
22 of the principal Act so as to provide for
higher threshold exemption limit from rupees
twenty lakhs to such amount not exceeding
rupees forty lakhs in case of supplier who is
engaged exclusively in the supply of goods.
Clause 5 of the Bill seeks to amend section
25 of the principal Act so as to provide
for mandatory Aadhaar submission or
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1247
authentication for persons who intend to take
or have taken registration under the said Act
in such manner as may be notified by the
Government on the recommendations of the
Council.
Clause 6 of the Bill seeks to insert a new
section 31A in the Principal Act to provide
that supplier shall mandatorily offer facility
for digital payments to his recipient.
Clause 7 of the Bill seeks to amend section
39 of the principal Act so as to provide for
furnishing of annual returns and for quarterly
payment of tax by taxpayer who opts for
composition levy and to provide for certain
other category of tax payers, an option for
quarterly and monthly payments under the
proposed new return filing system.
Clause 8 of the Bill seeks to amend section
44 of the principal Act so as to empower the
Commissioner to extend the due date for
furnishing Annual return and reconciliation
statement.
Clause 9 of the Bill seeks to amend section
49 of the principal Act so as to provide facility
to the taxpayer to transfer an amount from
one head to another in the electronic cash
ledger.
Clause 10 of the Bill seeks to amend section
50 of the principal Act so as to provide for
charging interest only on the net cash tax
liability, except in those cases where tax is
paid subsequent to initiation of any
proceedings under section 73 or 74 of the
Act.
Clause 11 of the Bill seeks to amend section
52 of the principal Act so as to empower the
Commissioner to extend the due date for
furnishing of monthly and annual statement
by the person collecting tax at source.
Clause 12 of the Bill seeks to insert a new
section 53A in the principal Act so as to
provide for transfer of amount in the electronic
cash ledger between the Centre and States
as a consequence of the new facility given to
the tax payer under section 49.
Clause 13 of the Bill seeks to amend section
54 of the principal Act so as to empower the
State Government to transfer the refund
amount disbursed to the taxpayers by Central
Government in respect of refund of State
taxes.
Clause 14 of the Bill seeks to amend section
95 so as to insert National Appellate Authority
in the definition of Advance Ruling.
Clause 15 of the Bill seeks to insert New
section 101A so as to provide that National
Appellate Authority for Advance Ruling
constituted under section 101A of Central
Goods and Services Tax Act is deemed to be
the National Appellate Authority for Advance
Ruling under principal Act, wherein it is
provided for constitution, qualification,
appointment, tenure, conditions of services
and manner of removal of the President and
Members of the National Appellate Authority
for Advance Ruling.
Clause 16 of the Bill seeks to amend section
102 of the principal Act so as to bring the
National Appellate Authority within the ambit
of that section to empower it to rectify its
advance ruling.
Clause 17 of the Bill seeks to amend section
103 of the principal Act so as to provide that
the advance ruling pronounced by the
National Appellate Authority shall be binding
on the applicants, being distinct persons and
all registered persons having the same
Permanent Account Number and on the
concerned officers or the jurisdictional officers
in respect of the said applicants and the
registered persons having the same
Permanent Account Number. It also provides
that the ruling shall be binding unless there
is a change in law or facts.
Clause 18 of the Bill seeks to amend section
104 of the principal Act to provide that
advance
ruling
pronounced
by
the
National Appellate Authority shall be void
where the ruling has been obtained by
fraud or suppression of material facts or
misrepresentation of facts.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1248
Clause 19 of the Bill seeks to amend section
105 of the principal Act so as to provide that
the National Appellate Authority shall have
all the powers of a civil court under the Code
of Civil Procedure, 1908 for the purpose of
exercising its powers under the Act.
Clause 20 of the Bill seeks to amend section
106 of the principal Act to provide that the
National Appellate Authority shall have power
to regulate its own procedure.
Clause 21 of the Bill seeks to amend section
171 of the principal Act to insert new
sub-section (3A) therein so as to empower
the Authority specified under sub-section (2)
thereof to impose penalty equivalent to ten
per cent. of the profiteered amount.
Financial Memorandum
The proposed Goa Goods and Services Tax
(Amendment) Bill, 2020 does not involve any
recurring or non-recurring expenditure from
the Consolidated Fund of the State.
Memorandum Regarding Delegated
Legislation
Clause 3 of the Bill empowers the
Government to issue notifications, notifying
the manufacturer of goods and services to
provide alternative composition scheme for
supplier of services or mixed suppliers (not
eligible for the earlier composition scheme)
having an annual turnover in preceding
financial year upto rupees fifty lakhs.
Clause 4 of the Bill empowers the
Government to issue notifications, Enhancing
the aggregate turnover from twenty lakh
rupees to such amount not exceeding forty
lakh rupees in case of supplier who is
engaged exclusively in the supply of goods.
Clause 5 of the Bill empowers the
Government to prescribe the alternate and
viable means of identification if Aadhaar
Number is not assigned to a registered person
and also the form, manner and time for
authentication of Aadhaar number.
Clause 6 of the Bill empowers the
Government to prescribe class of registered
persons who shall provide prescribed modes
of electronic payment to the recipient of
supply of goods or services or both.
Clause 7 of the Bill empowers the
Government to prescribe the form, manner,
time and conditions for filing a return,
electronically, of inward and outward supplies
of goods or services or both, input tax credit
availed, tax payable, tax paid.
Clause 8 of the Bill empowers the
commissioner to issue notification to extend
the time limit for furnishing the annual return
for such class of registered persons
Clause 9 of the Bill empowers the
Government to prescribe the form and
manner and subject to such conditions and
restrictions for transfer of any amount of tax,
interest, penalty, fee or any other amount
available in the electronic cash ledger under
the Goa Goods and Services Tax Act, 2017, to
the electronic cash ledger for integrated tax,
central tax, State tax, or cess.
Clause 11 of the Bill empowers the
Commissioner to issue notification to extend
the time limit for furnishing the statement for
such class of registered persons.
Clause 12 of the Bill empowers the
Government to prescribe the date and time
for transfer of amount of refund of State tax
disbursed by Central Government.
The delegations are of normal character.
Assembly Hall,
Shri PRAMOD P. SAWANT
Porvorim, Goa.
Hon. Chief Minister/
7th January, 2020.
/Finance Minister
Assembly Hall,
NAMRATA ULMAN
Porvorim, Goa.
Secretary to the Legislative
Assembly of Goa.
Governor’s Recommendation under Article
207 of the Constitution of India
In pursuance of Article 207 of the
Constitution of India, I, Satya Pal Malik, the
Governor of Goa hereby recommend to the
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1249
Legislative Assembly of Goa, the introduction
and consideration of the Goa Goods and
Services Tax (Amendment) Bill, 2020.
RAJ BHAVAN
SATYA PAL MALIK
Date: 07-01-2020.
Governor of Goa.
________
ANNEXURE
................................................................................................................
EXTRACTS FROM THE GOA GOODS AND
SERVICES TAX ACT, 2017
(Goa Act 4 OF 2017)
..................................................................................................................
CHAPTER I
Preliminary
2. Definitions.— In this Act, unless the context
otherwise requires,––
(4) “adjudicating authority” means any
authority, appointed or authorised to pass any
order or decision under this Act, but does not
include the Commissioner, Revisional Authority,
the Authority for Advance Ruling, the Appellate
Authority for Advance Ruling, the Appellate
Authority, the Appellate Tribunal and the
Authority referred to in sub-section (2) of
section 171.
CHAPTER III
Levy and Collection of Tax
10. Composition levy.—
(1) Notwithstanding anything to the contrary
contained in this Act but subject to the provisions
of sub-sections (3) and (4) of section 9, a registered
person, whose aggregate turnover in the preceding
financial year did not exceed fifty lakh rupees may
opt to pay, in lieu of the tax payable by him under
sub-section (1) of section 9, an amount of tax
calculated at such rate as may be prescribed, but
not exceeding,—
(a) one per cent. of the turnover in State in
case of a manufacturer,
(b) two and a half per cent. of the turnover in
State in case of persons engaged in making
supplies referred to in clause (b) of paragraph 6
of Schedule II, and
(c) half per cent. of the turnover in State in
case of other suppliers, subject to such conditions
and restrictions as may be prescribed:
Provided that the Government may, by
notification, increase the said limit of fifty lakh
rupees to such higher amount, not exceeding
one crore and fifty lakh rupees, as may be
recommended by the Council.
Provided further that a person who opts to
pay tax under clause (a) or clause (b) or clause
(c) may supply services (other than those referred
to in clause (b) of paragraph 6 of Schedule II), of
value not exceeding ten percent of turnover in
the State in the preceding financial year or five
lakh rupees, whichever is higher.
(2) The registered person shall be eligible to opt
under sub-section (1), if—
(a) save as provided in sub-section (1), he is
not engaged in the supply of services;
(b) he is not engaged in making any supply of
goods which are not leviable to tax under this
Act;
(c) he is not engaged in making any inter-
-State outward supplies of goods;
(d) he is not engaged in making any supply of
goods through an electronic commerce operator
who is required to collect tax at source under
section 52; and
(e) he is not a manufacturer of such goods as
may be notified by the Government on the
recommendations of the Council:
Provided that where more than one registered
persons are having the same Permanent Account
Number (issued under the Income-tax Act
1961(Central Act 43 of 1961)), the registered
person shall not be eligible to opt for the scheme
under sub-section (1) unless all such registered
persons opt to pay tax under that sub-section.
(3) The option availed of by a registered person
under sub-section (1) shall lapse with effect from
the day on which his aggregate turnover during a
financial year exceeds the limit specified under
sub-section (1).
(4) A taxable person to whom the provisions of
sub-section (1) apply shall not collect any tax from
the recipient on supplies made by him nor shall he
be entitled to any credit of input tax.
(5) If the proper officer has reasons to believe
that a taxable person has paid tax under sub-section
(1) despite not being eligible, such person shall, in
addition to any tax that may be payable by him
under any other provisions of this Act, be liable to
a penalty and the provisions of section 73 or section
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1250
74 shall, mutatis mutandis, apply for determination
of tax and penalty.
CHAPTER - VI
Registration
22. Persons liable for registration.— (1) Every
supplier making a taxable supply of goods or
services or both in the State shall be liable to be
registered under this Act if his aggregate turnover
in a financial year exceeds twenty lakh rupees:
Provided that where such person makes taxable
supplies of goods or services or both from any of
the special category States, he shall be liable to be
registered if his aggregate turnover in a financial
year exceeds ten lakh rupees.
Provided further that where such person makes
taxable supplies of goods or services or both from
a special category State in respect of which the
Central Government has enhanced the aggregate
turnover referred to in the first proviso, he shall be
liable to be registered if his aggregate turnover in
a financial year exceeds the amount equivalent to
such enhanced turnover.
(2) Every person who, on the day immediately
preceding the appointed day, is registered or holds
a license under an existing law, shall be liable to
be registered under this Act with effect from the
appointed day.
(3) Where a business carried on by a taxable
person registered under this Act is transferred,
whether on account of succession or otherwise, to
another person as a going concern, the transferee
or the successor, as the case may be, shall be liable
to be registered with effect from the date of such
transfer or succession.
(4) Notwithstanding anything contained in sub-
-sections (1) and (3), in a case of transfer pursuant
to sanction of a scheme or an arrangement for
amalgamation or, as the case may be, de-merger of
two or more companies pursuant to an order of a
High Court, Tribunal or otherwise, the transferee
shall be liable to be registered, with effect from the
date on which the Registrar of Companies issues a
certificate of incorporation giving effect to such
order of the High Court or Tribunal.
Explanation.— For the purposes of this
section,— (i) the expression “aggregate
turnover” shall include all supplies made by the
taxable person, whether on his own account or
made on behalf of all his principals;
(ii) the supply of goods, after completion of job
work, by a registered job worker shall be treated
as the supply of goods by the principal referred
to in section 143, and the value of such goods
shall not be included in the aggregate turnover
of the registered job worker;
(iii) the expression “special category States”
shall mean the States as specified in sub-clause
(g) of clause (4) of article 279A of the Constitution
except the State of Jammu and Kashmir and
States of Arunachal Pradesh, Assam, Himachal
Pradesh, Meghalaya, Sikkim and Uttarakhand.
25. Procedure for registration.— (1) Every person
who is liable to be registered under section 22 or
section 24 shall apply for registration within thirty
days from the date on which he becomes liable to
registration, in such manner and subject to such
conditions as may be prescribed.
Provided that a casual taxable person or a non-
-resident taxable person shall apply for registration
at least five days prior to the commencement of
business.
Provided further that a person having a unit, as
defined in the Special Economic Zones Act, 2005
(Central Act 28 of 2005), in a Special Economic
Zone or being a Special Economic Zone developer
shall have to apply for a separate registration, as
distinct from his place of business located outside
the Special Economic Zone in the State.
Explanation.— Every person who makes a supply
from the territorial waters of India shall obtain
registration in the State where the nearest point of
the appropriate baseline is located in the State.
(2) A person seeking registration under this Act
shall be granted a single registration:
Provided that a person having multiple places of
business in the State may be granted a separate
registration for each such place of business, subject
to such conditions as may be prescribed.
(3) A person, though not liable to be registered
under section 22 or section 24 may get himself
registered voluntarily, and all provisions of this Act,
as are applicable to a registered person, shall apply
to such person.
(4) A person who has obtained or is required to
obtain more than one registration, whether in one
State or Union territory or more than one State or
Union territory shall, in respect of each such
registration, be treated as distinct persons for the
purposes of this Act.
(5) Where a person who has obtained or is
required to obtain registration in a State or Union
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1251
territory in respect of an establishment, has an
establishment in another State or Union territory,
then such establishments shall be treated as
establishments of distinct persons for the purposes
of this Act.
(6) Every person shall have a Permanent Account
Number issued under the Income-tax Act, 1961
(Central Act 43 of 1961) in order to be eligible for
grant of registration:
Provided that a person required to deduct tax
under section 51 may have, in lieu of a Permanent
Account Number, a Tax Deduction and Collection
Account Number issued under the said Act in order
to be eligible for grant of registration.
(7) Notwithstanding anything contained in sub-
-section (6), a non-resident taxable person may be
granted registration under sub-section (1) on the
basis of such other documents as may be
prescribed.
(8) Where a person who is liable to be registered
under this Act fails to obtain registration, the proper
officer may, without prejudice to any action which
may be taken under this Act or under any other
law for the time being in force, proceed to register
such person in such manner as may be prescribed.
(9) Notwithstanding anything contained in
sub-section (1),––
(a) any specialised agency of the United
Nations Organisation or any Multilateral
Financial Institution and Organisation notified
under the United Nations (Privileges and
Immunities) Act, 1947 (Central Act 46 of 1947),
Consulate or Embassy of foreign countries; and
(b) any other person or class of persons, as
may be notified by the Commissioner,
shall be granted a Unique Identity Number in
such manner and for such purposes, including
refund of taxes on the notified supplies of goods or
services or both received by them, as may be
prescribed.
(10) The registration or the Unique Identity
Number shall be granted or rejected after due
verification in such manner and within such period
as may be prescribed.
(11) A certificate of registration shall be issued
in such form and with effect from such date as may
be prescribed.
(12) A registration or a Unique Identity Number
shall be deemed to have been granted after the
expiry of the period prescribed under sub-section
(10), if no deficiency has been communicated to the
applicant within that period.
CHAPTER- IX
Returns
39. Furnishing of returns.— (1) Every registered
person, other than an Input Service Distributor or
a non-resident taxable person or a person paying
tax under the provisions of section 10 or section 51
or section 52 shall, for every calendar month or part
thereof, furnish, in such form and manner as may
be prescribed, a return, electronically, of inward
and outward supplies of goods or services or both,
input tax credit availed, tax payable, tax paid and
such other particulars as may be prescribed on or
before the twentieth day of the month succeeding
such calendar month or part thereof.
(2) A registered person paying tax under the
provisions of section 10 shall, for each quarter or
part thereof, furnish, in such form and manner as
may be prescribed, a return, electronically, of
turnover in the State, inward supplies of goods or
services or both, tax payable and tax paid within
eighteen days after the end of such quarter.
(3) Every registered person required to deduct
tax at source under the provisions of section 51
shall furnish, in such form and manner as may be
prescribed, a return, electronically, for the month
in which such deductions have been made within
ten days after the end of such month.
(4) Every taxable person registered as an Input
Service Distributor shall, for every calendar month
or part thereof, furnish, in such form and manner as
may be prescribed, a return, electronically, within
thirteen days after the end of such month.
(5) Every registered non-resident taxable person
shall, for every calendar month or part thereof,
furnish, in such form and manner as may be
prescribed, a return, electronically, within twenty
days after the end of a calendar month or within
seven days after the last day of the period of
registration specified under sub-section (1) of
section 27, whichever is earlier.
(6) The Commissioner may, for reasons to be
recorded in writing, by notification, extend the time
limit for furnishing the returns under this section
for such class of registered persons as may be
specified therein:
Provided that any extension of time limit notified
by the Commissioner of central tax shall be deemed
to be notified by the Commissioner.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1252
(7) Every registered person, who is required to
furnish a return under sub-section (1) or sub-section
(2) or sub-section (3) or sub-section (5), shall pay to
the Government the tax due as per such return not
later than the last date on which he is required to
furnish such return.
(8) Every registered person who is required to
furnish a return under sub-section (1) or sub-section
(2) shall furnish a return for every tax period whether
or not any supplies of goods or services or both
have been made during such tax period.
(9) Subject to the provisions of sections 37 and
38, if any registered person after furnishing a return
under sub-section (1) or sub-section (2) sub-section
(3) or sub-section (4) or sub-section (5) discovers
any omission or incorrect particulars therein, other
than as a result of scrutiny, audit, inspection or
enforcement activity by the tax authorities, he shall
rectify such omission or incorrect particulars in the
return to be furnished for the month or quarter
during which such omission or incorrect particulars
are noticed, subject to payment of interest under
this Act:
Provided that no such rectification of any
omission or incorrect particulars shall be allowed
after the due date for furnishing of return for the
month of September or second quarter following
the end of the financial year, or the actual date of
furnishing of relevant annual return, whichever is
earlier.
(10) A registered person shall not be allowed to
furnish a return for a tax period if the return for any
of the previous tax periods has not been furnished
by him.
44. Annual return.— (1) Every registered person,
other than an Input Service Distributor, a person
paying tax under section 51 or section 52, a casual
taxable person and a non-resident taxable person,
shall furnish an annual return for every financial
year electronically in such form and manner as may
be prescribed on or before the thirty-first day of
December following the end of such financial year.
(2) Every registered person who is required to
get his accounts audited in accordance with the
provisions of sub-section (5) of section 35 shall
furnish, electronically, the annual return under
sub-section (1) along with a copy of the audited
annual accounts and a reconciliation statement,
reconciling the value of supplies declared in the
return furnished for the financial year with the
audited annual financial statement, and such other
particulars as may be prescribed.
CHAPTER-X
Payment of Tax
49. Payment of tax, interest, penalty and other
amounts.— (1) Every deposit made towards tax,
interest, penalty, fee or any other amount by a
person by internet banking or by using credit or
debit cards or National Electronic Fund Transfer or
Real Time Gross Settlement or by such other mode
and subject to such conditions and restrictions as
may be prescribed, shall be credited to the
electronic cash ledger of such person to be
maintained in such manner as may be prescribed.
(2) The input tax credit as self-assessed in the
return of a registered person shall be credited to
his electronic credit ledger, in accordance with
section 41, to be maintained in such manner as
may be prescribed.
(3) The amount available in the electronic cash
ledger may be used for making any payment
towards tax, interest, penalty, fees or any other
amount payable under the provisions of this Act or
the rules made thereunder in such manner and
subject to such conditions and within such time as
may be prescribed.
(4) The amount available in the electronic credit
ledger may be used for making any payment
towards output tax under this Act or under the
Integrated Goods and Services Tax Act in such
manner and subject to such conditions and within
such time as may be prescribed.
(5) The amount of input tax credit available in
the electronic credit ledger of the registered person
on account of––
(a) integrated tax shall first be utilised towards
payment of integrated tax and the amount
remaining, if any, may be utilised towards the
payment of central tax and State tax, or as the
case may be, Union territory tax, in that order;
(b) the central tax shall first be utilised
towards payment of central tax and the amount
remaining, if any, may be utilised towards the
payment of integrated tax;
(c) the State tax shall first be utilised towards
payment of State tax and the amount remaining,
if any, may be utilised towards the payment of
integrated tax;
Provided that the input tax credit on account
of State tax shall be utilized towards payment of
integrated tax only where the balance of the
input tax credit on account of central tax is not
available for payment of integrated tax;
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1253
(d) the Union territory tax shall first be utilised
towards payment of Union territory tax and the
amount remaining, if any, may be utilised towards
the payment of integrated tax;
Provided that the input tax credit on account
of Union territory tax shall be utilized towards
payment of integrated tax only where the balance
of the input tax credit on account of central tax
is not available for payment of integrated tax;
(e) the central tax shall not be utilised towards
payment of State taxor Union territory tax; and
(f) the State tax or Union territory tax shall not
be utilised towards payment of central tax.
(6) The balance in the electronic cash ledger or
electronic credit ledger after payment of tax,
interest, penalty, fee or any other amount payable
under this Act or the rules made thereunder may
be refunded in accordance with the provisions of
section 54.
(7) All liabilities of a taxable person under this
Act shall be recorded and maintained in an
electronic liability register in such manner as may
be prescribed.
(8) Every taxable person shall discharge his tax
and other dues under this Act or the rules made
thereunder in the following order, namely:––
(a) self-assessed tax, and other dues related to
returns of previous tax periods;
(b) self-assessed tax, and other dues related to
the return of the current tax period;
(c) any other amount payable under this Act
or the rules made thereunder including the
demand determined under section 73 or
section 74.
(9) Every person who has paid the tax on goods
or services or both under this Act shall, unless the
contrary is proved by him, be deemed to have
passed on the full incidence of such tax to the
recipient of such goods or services or both.
Explanation.— For the purposes of this section,
(a) the date of credit to the account of the
Government in the authorised bank shall be
deemed to be the date of deposit in the electronic
cash ledger;
(b) the expression,-
(i) “tax dues” means the tax payable under
this Act and does not include interest, fee
and penalty; and
(ii) “other dues” means interest, penalty,
fee or any other amount payable under this
Act or the rules made thereunder.
50. Interest on delayed payment of tax.— (1) Every
person who is liable to pay tax in accordance with
the provisions of this Act or the rules made
thereunder, but fails to pay the tax or any part
thereof to the Government within the period
prescribed, shall for the period for which the tax or
any part thereof remains unpaid, pay, on his own,
interest at such rate, not exceeding eighteen per
cent., as may be notified by the Government on the
recommendations of the Council.
(2) The interest under sub-section (1) shall be
calculated, in such manner as may be prescribed,
from the day succeeding the day on which such
tax was due to be paid.
(3) A taxable person who makes an undue or
excess claim of input tax credit under sub-section
(10) of section 42 or undue or excess reduction in
output tax liability under sub-section (10) of section
43, shall pay interest on such undue or excess claim
or on such undue or excess reduction, as the case
may be, at such rate not exceeding twenty-four per
cent., as may be notified by the Government on the
recommendations of the Council.
52. Collection of tax at source.— (1) Notwith-
standing anything to the contrary contained in this
Act, every electronic commerce operator (hereafter
in this section referred to as the “operator”), not
being an agent, shall collect an amount calculated
at such rate not exceeding one per cent., as
may be notified by the Government on the
recommendations of the Council, of the net value of
taxable supplies made through it by other suppliers
where the consideration with respect to such
supplies is to be collected by the operator.
Explanation.— For the purposes of this sub-
-section, the expression “net value of taxable
supplies” shall mean the aggregate value of taxable
supplies of goods or services or both, other than
services notified under sub-section (5) of section 9,
made during any month by all registered persons
through the operator reduced by the aggregate
value of taxable supplies returned to the suppliers
during the said month.
(2) The power to collect the amount specified in
sub-section (1) shall be without prejudice to any
other mode of recovery from the operator.
(3) The amount collected under sub-section (1)
shall be paid to the Government by the operator
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1254
within ten days after the end of the month in which
such collection is made, in such manner as may be
prescribed.
(4) Every operator who collects the amount
specified in sub-section (1) shall furnish a statement,
electronically, containing the details of outward
supplies of goods or services or both effected
through it, including the supplies of goods or
services or both returned through it, and the amount
collected under sub-section (1) during a month, in
such form and manner as may be prescribed, within
ten days after the end of such month.
(5) Every operator who collects the amount
specified in sub-section (1) shall furnish an annual
statement, electronically, containing the details of
outward supplies of goods or services or both
effected through it, including the supplies of goods
or services or both returned through it, and the
amount collected under the said sub-section during
the financial year, in such form and manner as may
be prescribed, before the thirty first day of
December following the end of such financial year.
(6) If any operator after furnishing a statement
under sub-section (4) discovers any omission or
incorrect particulars therein, other than as a result
of scrutiny, audit, inspection or enforcement activity
by the tax authorities, he shall rectify such omission
or incorrect particulars in the statement to be
furnished for the month during which such omission
or incorrect particulars are noticed, subject to
payment of interest, as specified in sub-section (1)
of section 50:
Provided that no such rectification of any
omission or incorrect particulars shall be allowed
after the due date for furnishing of statement for
the month of September following the end of the
financial year or the actual date of furnishing of the
relevant annual statement, whichever is earlier.
(7) The supplier who has supplied the goods or
services or both through the operator shall claim
credit, in his electronic cash ledger, of the amount
collected and reflected in the statement of the
operator furnished under sub-section (4), in such
manner as may be prescribed.
(8) The details of supplies furnished by every
operator under sub-section (4) shall be matched
with the corresponding details of outward supplies
furnished by the concerned supplier registered
under this Act in such manner and within such
time as may be prescribed.
(9) Where the details of outward supplies
furnished by the operator under sub-section (4) do
not match with the corresponding details furnished
by the supplier under section 37 or section 39, the
discrepancy shall be communicated to both persons
in such manner and within such time as may be
prescribed.
(10) The amount in respect of which any
discrepancy is communicated under sub-section (9)
and which is not rectified by the supplier in his
valid return or the operator in his statement for the
month in which discrepancy is communicated, shall
be added to the output tax liability of the said
supplier, where the value of outward supplies
furnished by the operator is more than the value of
outward supplies furnished by the supplier, in his
return for the month succeeding the month in which
the discrepancy is communicated in such manner
as may be prescribed.
(11) The concerned supplier, in whose output
tax liability any amount has been added under
sub-section (10), shall pay the tax payable in respect
of such supply along with interest, at the rate
specified under sub-section (1) of section 50 on the
amount so added from the date such tax was due
till the date of its payment.
(12) Any authority not below the rank of Deputy
Commissioner may serve a notice, either before or
during the course of any proceedings under this
Act, requiring the operator to furnish such details
relating to—
(a) supplies of goods or services or both
effected through such operator during any
period; or
(b) stock of goods held by the suppliers making
supplies through such operator in the godowns
or warehouses, by whatever name called,
managed by such operator and declared as
additional places of business by such suppliers,
as may be specified in the notice.
(13) Every operator on whom a notice has been
served under sub-section (12) shall furnish the
required information within fifteen working days of
the date of service of such notice.
(14) Any person who fails to furnish the
information required by the notice served under
sub-section (12) shall, without prejudice to any
action that may be taken under section 122, be
liable to a penalty which may extend to twenty-
-five thousand rupees.
Explanation.— For the purposes of this section,
the expression “concerned supplier” shall mean
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1255
the supplier of goods or services or both making
supplies through the operator.
CHAPTER XI
Refunds
54. Refund of tax.— (1) Any person claiming
refund of any tax and interest, if any, paid on such
tax or any other amount paid by him, may make an
application before the expiry of two years from the
relevant date in such form and manner as may be
prescribed:
Provided that a registered person, claiming
refund of any balance in the electronic cash ledger
in accordance with the provisions of sub-section
(6) of section--- 49, may claim such refund in the
return furnished under section 39 in such manner
as may be prescribed.
(2) A specialized agency of the United Nations
Organization or any Multilateral Financial
Institution and Organization notified under the
United Nations (Privileges and Immunities) Act,
1947 (Central Act 46 of 1947), Consulate or Embassy
of foreign countries or any other person or class of
persons, as notified under section 55, entitled to a
refund of tax paid by it on inward supplies of goods
or services or both, may make an application for
such refund, in such form and manner as may be
prescribed, before the expiry of six months from the
last day of the quarter in which such supply was
received.
(3) Subject to the provisions of sub-section (10),
a registered person may claim refund of any
unutilised input tax credit at the end of any tax
period:
Provided that no refund of unutilised input tax
credit shall be allowed in cases other than-
(i) zero-rated supplies made without payment
of tax;
(ii) where the credit has accumulated on
account of rate of tax on inputs being higher
than the rate of tax on output supplies (other
than nil rated or fully exempt supplies),
except supplies of goods or services or both as
may be notified by the Government on the
recommendations of the Council:
Provided further that no refund of unutilised
input tax credit shall be allowed in cases where
the goods exported out of India are subjected to
export duty:
Provided also that no refund of input tax credit
shall be allowed, if the supplier of goods or
services or both claims refund of the integrated
tax paid on such supplies.
(4) The application shall be accompanied by—
(a) such documentary evidence as may be
prescribed to establish that a refund is due to
the applicant; and
(b) such documentary or other evidence
(including the documents referred to in section
33) as the applicant may furnish to establish
that the amount of tax and interest, if any, paid
on such tax or any other amount paid in relation
to which such refund is claimed was collected
from, or paid by, him and the incidence of such
tax and interest had not been passed on to any
other person:
Provided that where the amount claimed as
refund is less than two lakh rupees, it shall not
be necessary for the applicant to furnish any
documentary and other evidences but he may
file a declaration, based on the documentary or
other evidences available with him, certifying
that the incidence of such tax and interest had
not been passed on to any other person.
(5) If, on receipt of any such application, the
proper officer is satisfied that the whole or part of
the amount claimed as refund is refundable, he
may make an order accordingly and the amount so
determined shall be credited to the Fund referred
to in section 57.
(6) Notwithstanding anything contained in sub-
-section (5), the proper officer may, in the case of
any claim for refund on account of zero-rated supply
of goods or services or both made by registered
persons, other than such category of registered
persons as may be notified by the Government on
the recommendations of the Council, refund on a
provisional basis, ninety per cent. of the total
amount so claimed, excluding the amount of input
tax credit provisionally accepted, in such manner
and subject to such conditions, limitations and
safeguards as may be prescribed and thereafter
make an order under sub-section (5) for final
settlement of the refund claim after due verification
of documents furnished by the applicant.
(7) The proper officer shall issue the order under
sub-section (5) within sixty days from the date of
receipt of application complete in all respects.
(8) Notwithstanding anything contained in
sub-section (5), the refundable amount shall, instead
of being credited to the Fund, be paid to the
applicant, if such amount is relatable to—
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1256
(a) refund of tax paid on exports of goods or
services or both or on inputs or input services
used in making such exports;
(b) refund of unutilised input tax credit under
sub-section (3);
(c) refund of tax paid on a supply which is not
provided, either wholly or partially, and for which
invoice has not been issued, or where a refund
voucher has been issued;
(d) refund of tax in pursuance of section 77;
(e) the tax and interest, if any, or any other
amount paid by the applicant, if he had not
passed on the incidence of such tax and interest
to any other person; or
(f) the tax or interest borne by such other
class of applicants as the Government may, on
the recommendations of the Council, by
notification, specify.
(9) Notwithstanding anything to the contrary
contained in any judgment, decree, order or
direction of the Appellate Tribunal or any court or
in any other provisions of this Act or the rules
made thereunder or in any other law for the time
being in force, no refund shall be made except in
accordance with the provisions of sub-section (8).
(10) Where any refund is due under sub-section
(3) to a registered person who has defaulted in
furnishing any return or who is required to pay any
tax, interest or penalty, which has not been stayed
by any court, Tribunal or Appellate Authority by
the specified date, the proper officer may—
(a) withhold payment of refund due until the
said person has furnished the return or paid the
tax, interest or penalty, as the case may be;
(b) deduct from the refund due, any tax,
interest, penalty, fee or any other amount which
the taxable person is liable to pay but which
remains unpaid under this Act or under the
existing law.
Explanation.— For the purposes of this sub-
-section, the expression “specified date” shall mean
the last date for filing an appeal under this Act.
(11) Where an order giving rise to a refund is the
subject matter of an appeal or further proceedings
or where any other proceedings under this Act is
pending and the Commissioner is of the opinion
that grant of such refund is likely to adversely affect
the revenue in the said appeal or other proceedings
on account of malfeasance or fraud committed, he
may, after giving the taxable person an opportunity
of being heard, withhold the refund till such time
as he may determine.
(12) Where a refund is withheld under
sub-section (11), the taxable person shall,
notwithstanding anything contained in section 56,
be entitled to interest at such rate not exceeding
six per cent. as may be notified on the
recommendations of the Council, if as a result of
the appeal or further proceedings he becomes
entitled to refund.
(13) Notwithstanding anything to the contrary
contained in this section, the amount of advance
tax deposited by a casual taxable person or a non-
-resident taxable person under sub-section (2) of
section 27, shall not be refunded unless such person
has, in respect of the entire period for which the
certificate of registration granted to him had
remained in force, furnished all the returns required
under section 39.
(14) Notwithstanding anything contained in this
section, no refund under sub-section (5) or sub-
-section (6) shall be paid to an applicant, if the
amount is less than one thousand rupees.
Explanation.— For the purposes of this section,—
(1) “refund” includes refund of tax paid on
zero-rated supplies of goods or services or both
or on inputs or input services used in making
such zero-rated supplies, or refund of tax on the
supply of goods regarded as deemed exports, or
refund of unutilised input tax credit as provided
under sub-section (3).
(2) “relevant date” means—
(a) in the case of goods exported out of
India where a refund of tax paid is available
in respect of goods themselves or, as the case
may be, the inputs or input services used in
such goods,––
(i) if the goods are exported by sea or air,
the date on which the ship or the aircraft
in which such goods are loaded, leaves
India; or
(ii) if the goods are exported by land,
the date on which such goods pass the
frontier; or
(iii) if the goods are exported by post,
the date of despatch of goods by the Post
Office concerned to a place outside India;
(b) in the case of supply of goods regarded
as deemed exports where a refund of tax paid
is available in respect of the goods, the date
on which the return relating to such deemed
exports is furnished;
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1257
(c) in the case of services exported out of
India where a refund of tax paid is available
in respect of services themselves or, as the
case may be, the inputs or input services used
in such services, the date of––
(i) receipt of payment in convertible
foreign exchange or in Indian rupees
wherever permitted by the Reserve Bank of
India, where the supply of services had
been completed prior to the receipt of such
payment; or
(ii) issue of invoice, where payment for
the services had been received in advance
prior to the date of issue of the invoice;
(d) in case where the tax becomes
refundable as a consequence of judgment,
decree, order or direction of the Appellate
Authority, Appellate Tribunal or any court, the
date of communication of such judgment,
decree, order or direction;
(e) in the case of refund of unutilised input
tax credit under clause (ii) of the first proviso
to sub-section (3), the due date for furnishing
of return under section 39 for the period in
which such claim for refund arises;
(f) in the case where tax is paid provisionally
under this Act or the rules made thereunder,
the date of adjustment of tax after the final
assessment thereof;
(g) in the case of a person, other than the
supplier, the date of receipt of goods or
services or both by such person; and
(h) in any other case, the date of payment
of tax.
CHAPTER XVII
Advance Ruling
95. Definitions.— (a) “advance ruling” means a
decision provided by the Authority or the Appellate
Authority to an applicant on matters or on
questions specified in sub-section (2) of section 97
or sub-section (1) of section 100, in relation to the
supply of goods or services or both being
undertaken or proposed to be undertaken by the
applicant;
(b) “Appellate Authority” means the Appellate
Authority for Advance Ruling constituted under
section 99;
(c) “applicant” means any person registered or
desirous of obtaining registration under this Act;
(d) “application” means an application made to
the Authority under sub-section (1) of section 97;
(e) “Authority” means the Authority for Advance
Ruling, constituted under section 96.
102. Rectification of advance ruling.— The
Authority or the Appellate Authority may amend
any order passed by it under section 98 or section
101, so as to rectify any error apparent on the face
of the record, if such error is noticed by the
Authority or the Appellate Authority on its own
accord, or is brought to its notice by the concerned
officer, the jurisdictional officer, or the applicant or
the appellant within a period of six months from
the date of the order:
Provided that no rectification which has the
effect of enhancing the tax liability or reducing the
amount of admissible input tax credit shall be made
unless the applicant or the appellant has been given
an opportunity of being heard.
103. Applicability of advance ruling.— (1)
The advance ruling pronounced by the Authority
or the Appellate Authority under this Chapter shall
be binding only—
(a) on the applicant who had sought it
in respect of any matter referred to in sub-section
(2) of section 97 for advance ruling;
(b) on the concerned officer or the
jurisdictional officer in respect of the applicant.
(2) The advance ruling referred to in sub-section
(1) shall be binding unless the law, facts or
circumstances supporting the original advance
ruling have changed.
104. Advance ruling to be void in certain
circumstances.— (1) Where the Authority or the
Appellate Authority finds that advance ruling
pronounced by it under sub-section (4) of section
98 or under sub-section (1) of section 101has been
obtained by the applicant or the appellant by fraud
or suppression of material facts or misrepresentation
of facts, it may, by order, declare such ruling to be
void ab-initio and thereupon all the provisions of
this Act or the rules made thereunder shall apply
to the applicant or the appellant as if such advance
ruling had never been made:
Provided that no order shall be passed under
this sub-section unless an opportunity of being
heard has been given to the applicant or the
appellant.
Explanation.— The period beginning with the
date of such advance ruling and ending with
the date of order under this sub-section shall be
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1258
excluded while computing the period specified
in sub-sections (2) and (10) of section 73 or
sub-sections (2) and (10) of section 74.
(2) A copy of the order made under sub-section
(1) shall be sent to the applicant, the concerned
officer and the jurisdictional officer.
105. Powers of Authority and Appellate
Authority.— (1) The Authority or the Appellate
Authority shall, for the purpose of exercising its
powers regarding—
(a) discovery and inspection;
(b) enforcing the attendance of any person
and examining him on oath;
(c) issuing commissions and compelling
production of books of account and other records,
have all the powers of a civil court under the
Code of Civil Procedure, 1908 (Central Act 5 of 1908).
(2) The Authority or the Appellate Authority shall
be deemed to be a civil court for the purposes of
section 195, but not for the purposes of Chapter
XXVI of the Code of Criminal Procedure, 1973
(Central Act 2 of 1974), and every proceeding before
the Authority or the Appellate Authority shall be
deemed to be a judicial proceeding within the
meaning of sections 193 and 228, and for the
purpose of section 196 of the Indian Penal Code
(Central Act 45 of 1860).
106. Procedure of Authority and Appellate
Authority.— The Authority or the Appellate
Authority shall, subject to the provisions of this
Chapter, have power to regulate its own procedure.
CHAPTER XXI
Miscellaneous
171. Anti-profiteering Measure.— (1) Any
reduction in rate of tax on any supply of goods or
services or the benefit of input tax credit shall be
passed on to the recipient by way of commensurate
reduction in prices.
(2) The Central Government may, on
recommendations of the Council, by notification,
constitute an Authority, or empower an existing
Authority constituted under any law for the time
being in force, to examine whether input tax credits
availed by any registered person or the reduction
in the tax rate have actually resulted in a
commensurate reduction in the price of the goods
or services or both supplied by him.
(3) The Authority referred to in sub-section (2)
shall exercise such powers and discharge such
functions as may be prescribed.
Department of Law & Judiciary
Legal Affairs Division
____
Notification
10/4/2019-LA-180
The Finance Act, 2019 (Central Act No. 7 of
2019), which has been passed by Parliament
and assented to by the President on
21-02-2019 and published in the Gazette of
India, Extraordinary, Part II, Section I, dated
21-02-2019, is hereby published for the general
information of the public.
Julio B. Noronha, Joint Secretary (Law).
Porvorim, 4th June, 2019.
________
THE FINANCE ACT, 2019
AN
ACT
to continue the existing rates of income-tax
for the financial year 2019-2020 and
to provide for certain relief to taxpayers
and to make amendments in certain
enactments.
Be it enacted by Parliament in the
Seventieth Year of the Republic of India as
follows:—
CHAPTER I
Preliminary
1. Short title and commencement.— (1) This
Act may be called the Finance Act, 2019.
(2) Save as otherwise provided in this Act,
sections 2 to 10 shall come into force on the
1st day of April, 2019.
CHAPTER II
Rates of Income-tax
2. Income-tax.— The provisions of
section 2 of, and the First Schedule
to, the Finance Act, 2018, shall
apply in relation to income-tax for
the assessment year or, as the case
may
be,
the
financial
year
13 of 2018.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1259
commencing on the 1st day of April,
2019, as they apply in relation to
income-tax for the assessment year,
or as the case may be, the financial
year commencing on the 1st day of
April, 2018, with the following
modifications, namely:—
(a) in section 2,—
(i) in sub-section (1), for the figures
“2018”, the figures “2019” shall be
substituted;
(ii) in sub-section (3), for the first
proviso, the following proviso shall be
substituted, namely:—
“Provided that the amount of income-
tax computed in accordance with the
provisions of section 111 A or section
112 or section 112A of the Income-tax
Act shall be increased by a surcharge,
for the purposes of the Union, as
provided in Paragraph A, B, C, D or E,
as the case may be, of Part I of the First
Schedule:”;
(iii) for sub-section (11) and sub-
-section (12), the following sub-section
shall be substituted, namely:—
‘(11) The amount of income-tax as
specified in sub-sections (1) to (3) and
as increased by the applicable
surcharge, for the purposes of the
Union, calculated in the manner
provided therein, shall be further
increased by an additional surcharge,
for the purposes of the Union, to be
called the “Health and Education Cess
on income-tax”, calculated at the rate
of four per cent. of such income-tax
and surcharge so as to fulfil the
commitment of the Government to
provide and finance quality health
services and universalised quality
basic education and secondary and
higher education.’;
(iv) sub-section (13) and sub-section
(14) shall be renumbered as sub-section
(12) and sub-section (13), respectively;
(v) in sub-section (13) as so
renumbered, in clause (a), for the figures
“2018”, the figures “2019” shall be
substituted;
(b) in the First Schedule,–
(i) for Part I, the following Part I shall
be substituted, namely:—
“PART I
Income-tax
Paragraph A
(1) In the case of every individual other
than the individual referred to in items (ii)
and (iii) of this Paragraph or Hindu undivided
family or association of persons or body of
individuals, whether incorporated or not, or
every artificial juridical person referred to in
sub-clause (vii) of clause (31) of section 2
of the Income-tax Act, not being a case to
which any other Paragraph of this Part
applies,—
Rates of income-tax
(1) where the total income
Nil;
does not exceed
Rs. 2,50,000
(2) where the total income
5 per cent. of
exceeds Rs. 2,50,000
the amount by
but does not exceed
which the total
Rs. 5,00,000
income exceeds
Rs. 2,50,000;
(3) where the total income
Rs. 12,500 plus
exceeds Rs. 5,00,000
20 per cent. of
but does not exceed
the amount by
Rs. 10,00,000
which the total
income exceeds
Rs. 5,00,000;
(4) where the total income
Rs. 1,12,500 plus
exceeds Rs. 10,00,000
30 per cent. of
the amount by
which the total
income exceeds
Rs. 10,00,000.
(II) In the case of every individual, being
a resident in India, who is of the age of sixty
years or more but less than eighty years at
any time during the previous year,—
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1260
Rates of income-tax
(1) where the total income
Nil:
does not exceed
Rs. 3,00,000
(2) where the total income
5 per cent. of
exceeds Rs. 3,00,000
the amount by
but does not exceed
which the total
Rs. 5,00,000
income exceeds
Rs. 3,00,000;
(3) where the total income
Rs. 10,000 plus
exceeds Rs. 5,00,000
20 per cent. of
but does not exceed
the amount by
Rs. 10,00,000
which the total
income exceeds
Rs. 5,00,000;
(4) where the total income
Rs. 1, 10,000
exceeds Rs. 10,00,000
plus 30 per cent.
of the amount
by which the
total income
exceeds
Rs. 10,00,000.
(III) In the case of every individual, being
a resident in India, who is of the age of eighty
years or more at any time during the previous
year,—
Rates of income-tax
(1) where the total income
Nil,
does not exceed
Rs. 5,00,000
(2) where the total income
20 per cent. of
exceeds Rs. 5,00,000
the amount by
but does not exceed
which the total
Rs. 10,00,000
income exceeds
Rs. 5,00,000;
(3) where the total income
Rs. 1,00,000 plus
exceeds Rs. 10,00,000
30 per cent. of
the amount by
which the total
income exceeds
Rs. 10,00,000.
Surcharge on income-tax
The amount of income-tax computed in
accordance with the preceding provisions of
this Paragraph, or the provisions of section
111A or section 112 or section 112A of the
Income-tax Act, shall be increased by a
surcharge for the purposes of the Union,
calculated, in the case of every individual or
Hindu undivided family or association of
persons or body of individuals, whether
incorporated or not, or every artificial
juridical person referred to in sub-clause (vii)
of clause (31) of section 2 of the Income-tax
Act,—
(a) having a total income exceeding fifty
lakh rupees but not exceeding one crore
rupees, at the rate of ten per cent. of such
income-tax; and
(b) having a total income exceeding one
crore rupees, at the rate of fifteen per cent.
of such income-tax:
Provided that in the case of persons
mentioned above having total income
exceeding,—
(a) fifty lakh rupees but not exceeding
one crore rupees, the total amount payable
as income-tax and surcharge on such
income shall not exceed the total amount
payable as income-tax on a total income of
fifty lakh rupees by more than the amount
of income that exceeds fifty lakh rupees;
(b) one crore rupees, the total amount
payable as income-tax and surcharge on
such income shall not exceed the total
amount payable as income-tax and
surcharge on a total income of one crore
rupees by more than the amount of income
that exceeds one crore rupees.
Paragraph B
In the case of every co-operative society,—
Rates of income-tax
(1) where the total income
10 per cent. of
does not exceed
the total
Rs. 10,000
income;
(2) where the total income
Rs. 1,000 plus
exceeds Rs. 10,000
20 per cent. of
but does not exceed
the amount by
Rs. 20,000
which the total
income exceeds
Rs. 10,000;
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1261
(3) where the total income
Rs. 3,000 plus
exceeds Rs. 20,000
30 per cent. of
the amount by
which the total
income exceeds
Rs. 20,000.
Surcharge on income-tax
The amount of income-tax computed in
accordance with the preceding provisions of
this Paragraph, or the provisions of section
111A or section 112 or section 112A of the
Income-tax Act, shall, in the case of every
co-operative society, having a total income
exceeding one crore rupees, be increased
by a surcharge for the purposes of the Union
calculated at the rate of twelve per cent. of
such income-tax:
Provided that in the case of every co-
operative society mentioned above having
total income exceeding one crore rupees, the
total amount payable as income-tax and
surcharge on such income shall not exceed
the total amount payable as income-tax on a
total income of one crore rupees by more
than the amount of income that exceeds one
crore rupees.
Paragraph C
In the case of every firm,—
Rate of income-tax
On the whole of the total
30 percent.
income
Surcharge on income-tax
The amount of income-tax computed in
accordance with the preceding provisions of
this Paragraph, or the provisions of section
111A or section 112 or section 112A of the
Income-tax Act, shall, in the case of every
firm, having a total income exceeding one
crore rupees, be increased by a surcharge
for the purposes of the Union calculated at
the rate of twelve per cent. of such income-
-tax:
Provided that in the case of every firm
mentioned above having total income
exceeding one crore rupees, the total amount
payable as income-tax and surcharge on such
income shall not exceed the total amount
payable as income-tax on a total income of
one crore rupees by more than the amount
of income that exceeds one crore rupees.
Paragraph D
In the case of every local authority,—
Rate of income-tax
On the whole of the total
30 percent.
income
Surcharge on income-tax
The amount of income-tax computed in
accordance with the preceding provisions of
this Paragraph, or the provisions of section
111A or section 112 or section 112A of the
Income-tax Act, shall, in the case of every
local authority, having a total income
exceeding one crore rupees, be increased
by a surcharge for the purposes of the Union
calculated at the rate of twelve per cent. of
such income-tax:
Provided that in the case of every local
authority mentioned above having total
income exceeding one crore rupees, the total
amount payable as income-tax and surcharge
on such income shall not exceed the total
amount payable as income-tax on a total
income of one crore rupees by more than the
amount of income that exceeds one crore
rupees.
Paragraph E
In the case of a company,—
Rates of income-tax
I. In the case of a domestic company,—
(i) where its total turnover
25 per cent. of
or the gross receipt in
the total
the previous year 2016-
income;
-2017 does not exceed
two hundred and fifty
crore rupees
(ii) other than that referred
30 per cent. of to
in item (i)
the total income.
II. In the case of a company other than a
domestic company,—
(i) on so much of the total income as
consists of:—
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1262
(a) royalties received from
Government or an Indian concern
in pursuance of an agreement made
by it with the Government or the
Indian concern after the 31st day
of March, 1961 but before the 1st
day of April, 1976; or
(b) fees for rendering technical
services received from Government
or an Indian concern in pursuance
of an agreement made by it with
the Government or the Indian
concern after the 29th day of
February, 1964 but before the 1st
day of April, 1976,
and where such agreement
50 per cent.;
has, in either case, been
approved by the Central
Government
(ii) on the balance, if any,
40 per cent.
of the total income
Surcharge on income-tax
The amount of income-tax computed in
accordance with the preceding provisions of
this Paragraph, or the provisions of section
111A or section 112 or section 112A of the
Income-tax Act, shall be increased by a
surcharge for the purposes of the Union
calculated,—
(i) in the case of every domestic
company,—
(a) having a total income exceeding
one crore rupees but not exceeding ten
crore rupees, at the rate of seven per
cent. of such income-tax; and
(b) having a total income exceeding
ten crore rupees, at the rate of twelve
per cent of such Income-tax;
(ii) in the case of every company other
than a domestic company,—
(a) having a total income exceeding
one crore rupees but not exceeding ten
crore rupees, at the rate of two per cent.
of such income-tax; and
(b) having a total income exceeding
ten crore rupees, at the rate of five per
cent. of such income-tax:
Provided that in the case of every
company having a total income exceeding
one crore rupees but not exceeding ten
crore rupees, the total amount payable as
income-tax and surcharge on such income
shall not exceed the total amount payable
as income-tax on a total income of one crore
rupees by more than the amount of income
that exceeds one crore rupees:
Provided further that in the case of every
company having a total income exceeding
ten crore rupees, the total amount payable
as income-tax and surcharge on such
income shall not exceed the total amount
payable as income-tax and surcharge on a
total income of ten crore rupees by more
than the amount of income that exceeds
ten crore rupees.”;
(ii) in Part III, in Paragraph E, in sub-
-paragraph I, in clause (i), for the words
and figures “previous year 2016-2017”, the
words and figures “previous year 2017-
-2018” shall be substituted;
(iii) in Part IV, in Rule 8,—
(A) for sub-rules (1) and (2), the
following sub-rules shall be substituted,
namely.—
“(1) Where the assessee has, in the
previous year relevant to the assessment
year commencing on the 1st day of April,
2019, any agricultural income and the
net result of the computation of the
agricultural income of the assessee for
any one or more of the previous years
relevant to the assessment years
commencing on the 1st day of April, 2011
or the 1st day of April, 2012 or the 1st
day of April, 2013 or the 1st day of April,
2014 or the 1st day of April, 2015 or the
1st day of April, 2016 or the 1st day of
April, 2017 or the 1st day of April, 2018,
is a loss, then, for the purposes of sub-
-section (2) of section 2 of this Act,—
(i) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2011, to the extent, if any, such loss has
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1263
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2012 or the 1st day of
April, 2013 or the 1st day of April, 2014
or the 1st day of April, 2015 or the 1st
day of April, 2016 or the 1st day of April,
2017 or the 1st day of April, 2018,
(ii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2012, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2013 or the 1st day of
April, 2014 or the 1 st day of April, 2015
or the 1st day of April, 2016 or the 1st
day of April, 2017 or the 1st day of April,
2018,
(iii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2013, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2014 or the 1st day of
April, 2015 or the 1st day of April, 2016
or the 1st day of April, 2017 or the 1st
day of April, 2018,
(iv) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2014, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2015 or the 1st day of
April, 2016 or the 1st day of April, 2017
or the 1st day of April, 2018,
(v) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2015, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2016 or the 1st day of
April, 2017 or the 1st day of April, 2018,
(vi) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2016, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2017 or the 1st day of
April, 2018,
(vii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2017, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2018,
(viii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2018,
shall be set off against the agricultural
income of the assessee for the previous
year relevant to the assessment year
commencing on the 1st day of April, 2019.
(2) Where the assessee has, in the
previous year relevant to the assessment
year commencing on the 1st day of April,
2020, or, if by virtue of any provision of the
Income-tax Act, income-tax is to be
charged in respect of the income of a
period other than the previous year, in
such other period, any agricultural income
and the net result of the computation of
the agricultural income of the assessee for
anyone or more of the previous years
relevant to the assessment years
commencing on the 1st day of April, 2012
or the 1st day of April, 2013 or the 1st day
of April, 2014 or the 1st day of April, 2015
or the 1st day of April, 2016 or the 1st day
of April, 2017 or the 1st day of April, 2018
or the 1st day of April, 2019, is a loss, then,
for the purposes of sub-section (10) of
section 2 of this Act,—
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1264
(i) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2012, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2013 or the 1st day of
April, 2014 or the 1st day of April, 2015
or the 1st day of April, 2016 or the 1st
day of April, 2017 or the 1st day of April,
2018 or the 1st day of April, 2019,
(ii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2013, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2014 or the 1st day of
April, 2015 or the 1st day of April, 2016
or the 1st day of April, 2017 or the 1st
day of April, 2018 or the 1st day of April,
2019,
(iii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2014, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2015 or the 1st day of
April, 2016 or the 1st day of April, 2017
or the 1st day of April, 2018 or the 1st
day of April, 2019,
(iv) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2015, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2016 or the 1st day of
April, 2017 or the 1st day of April, 2018
or the 1st day of April, 2019,
(v) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2016, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2017 or the 1st day of
April, 2018 or the 1st day of April, 2019,
(vi) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2017, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2018 or the 1st day of
April, 2019,
(vii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2018, to the extent, if any, such loss has
not been set off against the agricultural
income for the previous year relevant to
the assessment year commencing on the
1st day of April, 2019,
(viii) the loss so computed for the
previous year relevant to the assessment
year commencing on the 1st day of April,
2019,
shall be set off against the agricultural
income of the assessee for the previous
year relevant to the assessment year
commencing on the 1st day of April,
2020.”;
(B) for sub-rule (4), the following sub-
-rule shall be substituted, namely:—
“(4) Notwithstanding anything contained
in this rule, no loss which has not been
determined by the assessing officer under
the provisions of these rules or the rules
contained in the First Schedule to the
Finance Act, 2011 (8 of 2011) or the First
Schedule to the Finance Act, 2012 (23 of
2012) or the First Schedule to the Finance
Act, 2013 (17 of 2013) or the First Schedule
to the Finance (No. 2) Act, 2014 (25 of
2014) or the First Schedule to the Finance
Act, 2015 (20 of 2015) or the First Schedule
to the Finance Act, 2016 (28 of 2016) or
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1265
the First Schedule to the Finance Act, 2017
(7 of 2017) or the First Schedule to the
Finance Act, 2018 (13 of 2018) shall be set
off under sub-rule (1) or, as the case may
be, sub-rule (2).”.
CHAPTER III
Direct Taxes
Income-tax
3. Amendment of section 16.— In
section 16 of the Income-tax Act,
1961 (hereafter in this Chapter
referred to as the Income-tax Act),
in clause (ia) [as inserted by section
7 of the Finance Act, 2018], for the
words “forty thousand”, the words
“fifty thousand” shall be substituted
with effect from the 1st day of April,
2020.
4. Amendment of section 23.— In section
23 of the Income-tax Act, with effect from
the 1st day of April, 2020,—
(a) in sub-section (4),—
(i) in the opening portion, for the
words “one house”, the words “two
houses” shall be substituted;
(ii) in clause (a), for the word “one”,
the word “two” shall be substituted;
(iii) in clause (b), for the words “other
than the house”, the words “other than
the house or houses” shall be substituted;
(b) in sub-section (5), for the words “one
year”, the words “two years” shall be
substituted.
5. Amendment of section 24.— In section
24 of the Income-tax Act, with effect from
the 1st day of April, 2020,—
(a) in the first proviso, after the words
“the amounts of deduction”, the words “or,
as the case may be, the aggregate of the
amount of deduction” shall be inserted;
(b) in the second proviso, after the words
“the amount of deduction”, the words “or,
as the case may be, the aggregate of the
amounts of deduction” shall be inserted;
(c) after the Explanation to the third
proviso, the following proviso shall be
inserted, namely:—
“Provided also that the aggregate of
the amounts of deduction under the first
and second provisos shall not exceed
two lakh rupees.”.
6. Amendment of section 54.— In section
54 of the Income-tax Act, in sub-section (1),
after clause (ii), the following provisos shall
be inserted with effect from the 1st day of
April, 2020, namely:—
‘Provided that where the amount of the
capital gain does not exceed two crore
rupees, the assessee may, at his option,
purchase or construct two residential
houses in India, and where such option
has been exercised,—
(a) the provisions of this sub-section
shall have effect as in for the words “one
residential house in India”, the words
“two residential houses in India” had
been substituted;
(b) any reference in this sub-section
and sub-section (2) to “new asset” shall
be construed as a reference to the two
residential houses in India:
Provided further that where during
any assessment year, the assessee has
exercised the option referred to in the
first
proviso,
he
shall
not
be
subsequently entitled to exercise the
option for the same or any other
assessment year.’.
7. Amendment of section 80-IBA.— In
section 80-IBA of the Income-tax Act, in
sub-section (2), in clause (a), for the figures
“2019”, the figures “2020” shall be
substituted with effect from the 1st day of
April, 2020.
8. Amendment of section 87A.— In section
87 A of the Income-tax Act, with effect from
the 1st day of April, 2020,—
(a) for the words “three hundred fifty
thousand”, the words “five hundred
thousand” shall be substituted;
43 of 1961.
13 of 2018.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1266
(b) for the words, “two thousand and
five hundred”, the words “twelve thousand
and five hundred” shall be substituted.
9. Amendment of section 194A.— In
section 194A of the Income-tax Act, in
sub-section (3), in clause (i), for the words
“ten thousand” wherever they occur, the
words “forty thousand” shall be substituted.
10. Amendment of section 194-I.— In
section 194-I of the Income-tax Act, in the
first proviso, for the words “one hundred and
eighty thousand rupees”, the words “two
hundred and forty thousand rupees” shall
be substituted.
CHAPTER IV
Miscellaneous
PART I
AMENDMENTS TO THE INDIAN STAMP ACT, 1899
11. Commencement of this Part.— The
provisions of this Part shall come into force
on such date as the Central Government may,
by notification in the Official Gazette, appoint.
12. Amendment of section 2.— In
section 2 of the Indain Stamp Act,
1899 (hereafter in this Part referred
to as the principal Act),—
(a) for clause (1), the following clauses
shall be substituted, namely:—
‘(1) “allotment list” means a
list containing details of
allotment of the securities
intimated by the issuer to the
depository under sub-section
(2) of section 8 of the
Depositories, Act, 1996;
(1A) “banker” includes a bank and
any person acting as a banker;’;
(b) in clause (5), the following long line
shall be added at the end, namely:—
“but does not include a debenture;”;
(c) after clause (7), the following clauses
shall be inserted, namely:—
‘(7A) “clearance list” means a list of
transactions of sale and purchase
relating to contracts traded on the stock
exchanges submitted to a clearing
corporation in accordance with the law
for the time being in force in this behalf;
(7B) “clearing corporation” means an
entity established to undertake the
activity of clearing and settlement of
transactions in securities or other
instruments and includes a clearing
house of a recognised stock exchange;’;
(d) after clause (10), the following
clauses shall be inserted, namely:—
‘(10A) “debenture” includes—
(i) debenture stock, bonds or any
other instrument of a company
evidencing
a
debt,
whether
constituting a charge on the assets of
the company or not;
(ii) bonds in the nature of debenture
issued by any incorporated company
or body corporate;
(iii)
certificate
of
deposit,
commercial usance bill, commercial
paper and such other debt instrument
of original or initial maturity upto one
year as the Reserve Bank of India may
specify from time to time;
(iv) securitised debt instruments;
and
(v) any other debt instuments
specified by the Securities and
Exchange Board of India from time to
time;
(10B) “depository” includes—
(a) a depository as defined
in clause (e) of sub-section
(1) of section 2 of the
Depositories Act, 1996; and
(b) any other entity declared by the
Central Government, by notification in
the Official Gazette, to be a depository
for the purposes of this Act;’;
2 of 1899.
22 of 1996.
22 of 1996.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1267
(e) in clause (12), the words
and
figures
and
includes
attribution of electronic record
within the meaning of section 11
of the Information Technology
Act, 2000 shall be inserted at the
end.
(f) for clause (14), the following clause
shall be substituted, namely—
‘(14) “instrument” includes—
(a) every document, by which any
right or liability is, or purports to be,
created, transferred, limited, extended,
extinguished or recorded;
(b) a document, electronic or
otherwise, created for a transaction
in a stock exchange or depository by
which any right or liability is, or
purports to be, created, transferred,
limited, extended, extinguished or
recorded; and
(c) any other document mentioned
in Schedule I,
but does not include such instruments as
may be specified by the Government, by
notification in the Official Gazette;’;
(g) after clause (15), the following clause
shall be inserted, namely:—
‘(15A) “issuer” means any person
making an issue of securities;’;
(h) for clause (16A), the following
clauses shall be substituted, namely:—
‘(16A) “marketable security” means a
security capable of being traded in any
stock exchange in India;
(16B) “market value”, in relation to an
instrument through which—
(a) any security is traded in a stock
exchange, means the price at which
it is so traded;
(b) any security which is transferred
through a depository but not traded
in the stock exchange, means the
price or the consideration mentioned
in such instrument;
(c) any security is dealt otherwise
than in the stock exchange or
depository, means the price or
consideration mentioned in such
instrument;’;
(i) after clause (23), the following clause
shall be inserted, namely:—
‘(23A) “securities” includes—
(i) securities as defined in
clause (h) of section 2 of
the Securities Contracts
(Regulation)
Act,
1956;
(ii) a “derivative” as
defined in clause (a) of
section 45U of the Reserve
Bank of India Act, 1934;
(iii) a certificate of deposit,
commercial usance bill, commercial
paper, repo on corporate bonds and
such other debt instrument of original
or initial maturity upto one year as
the Reserve Bank of India may specify
from time to time; and
(iv) any other instrument declared
by the Central Government, by
notification in the Official Gazette, to
be securities for the purposes of this
Act;’;
(j) after clause (26), the following clause
shall be inserted, namely:—
‘(27) “stock exchange” includes—
(i) a recognised stock
exchange as defined in
clause (f) of section 2 of
the Securities Contracts
(Regulation) Act, 1956; and
(ii) such other platform for trading
or reporting a deal in securities, as
may be specified by the Central
Government, by notification in the
Official Gazette, for the purposes of
this Act.’.
13. Amendment of section 4.— In section
4 of the principal Act, after sub-section (2),
42 of 1956.
21 of 2000.
2 of 1934.
42 of 1956.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1268
the following sub-section shall be inserted,
namely:—
“(3)
Notwithstanding
anything
contained in sub-sections (1) and (2), in
the case of any issue, sale or transfer of
securities, the instrument on which stamp-
duty is chargeable under section 9A shall
be the principal instrument for the purpose
of this section and no stamp-duty shall be
charged on any other instruments relating
to any such transaction.”.
14. Substitution of new section for section
8A.— For section 8A of the principal Act, the
following section shall be substituted,
namely:—
‘8A. Securities dealt in depository not
liable to stamp-duty.— Notwithstanding
anything contained in this Act or any other
law for the time being in force,—
(a) an issuer, by the issue of securities
to one or more depositories, shall, in
respect of such issue, be chargeable
with duty on the total amount of
securities issued by it and such
securities need not be stamped;
(b)
the
transfer
of
registered
ownership of securities from a person to
a depository or from a depository to a
beneficial owner shall not be liable to
duty.
Explanation.—
For
the
purposes of this section, the
expression
“beneficial
ownership” shall have the
same meaning as assigned to
it in clause (a) of sub-section
(1) of section 2 of the
Depositories Act, 1996.’.
15. Insertion of new Part AA.— In Chapter
II of the principal Act, after Part A relating to
‘Of the liability of instruments to duty’, the
following Part shall be inserted, namely:—
‘AA.– Of the liability of instruments of
transaction in stock exchanges and
depositories to duty.
9A. Instruments chargeable with duty
for transactions in stock exchanges and
depositories.— (1) Notwithstanding
anything contained in this Act,—
(a) when the sale of any securities,
whether delivery based or otherwise,
is made through a stock exchange,
the stamp-duty on each such sale in
the clearance list shall be collected
on behalf of the State Government by
the stock exchange or a clearing
corporation authorised by it, from its
buyer on the market value of such
securities at the time of settlement of
transactions in securities of such
buyer, in such manner as the Central
Government may, by rules, provide;
(b) when any transfer of securities
for a consideration, whether delivery
based or otherwise, is made by a
depository otherwise than on the
basis of any transaction referred to in
clause (a), the stamp-duty on such
transfer shall be collected on behalf
of the State Government by the
depository from the transferor of such
securities on the consideration amount
specified therein, in such manner as
the Central Government may, by rules,
provide;
(c) when pursuant to issue of
securities, any creation or change in
the records of a depository is made,
the stamp-duty on the allotment list
shall be collected on behalf of the State
Government by the depository from
the issuer of securities on the total
market value of the securities as
contained in such list, in such manner
as the Central Government may, by
rules, provide.
(2)
Notwithstanding
anything
contained in this Act, the instruments
referred to in sub-section (1) shall be
chargeable with duty as provided
therein at the rate specified in Schedule
I and such instruments need not be
stamped.
(3) From the date of commencement
of this Part, no stamp-duty shall be
22 of 1996.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1269
charged or collected by the State
Government
on
any
note
or
memorandum or any other document,
electronic or otherwise, associated with
the transactions mentioned in sub-
-section (1).
(4) The stock exchange or a clearing
corporation authorised by it or the
depository, as the case may be, shall,
within three weeks of the end of each
month and in accordance with the rules
made in this behalf by the Central
Government, in consultation with the
State Government, transfer the stamp-
duty collected under this section to the
State Government where the residence
of the buyer is located and in case the
buyer is located outside India, to the
State Government having the registered
office of the trading member or broker
of such buyer and in case where there
is no such trading member of the buyer,
to the State Government having the
registered office of the participant:
Provided that before such transfer, the
stock
exchange
or
the
clearing
corporation authorised by it or the
depository shall be entitled to deduct
such percentage of stamp-duty towards
facilitation charges as may be specified
in such rules.
Explanation.— The term
“participant” shall have the
same meaning as assigned to
it in clause (g) of section 2 of
the Depositories Act, 1996.
(5) Every stock exchange or the clearing
corporation authorised by it and depository
shall submit to the Government details of the
transactions referred to in sub-section (1) in
such manner as the Central Government may,
by rules, provide.
9B. Instruments chargeable with duty
for transactions otherwise than through
stock exchanges and depositories.—
Notwithstanding anything contained in
this Act,—
(a) when any issue of securities is
made by an issuer otherwise than
through a stock exchange or depository,
the stamp-duty on each such issue shall
be payable by the issuer, at the place
where its registered office is located, on
the total market value of the securities
so issued at the rate specified in
Schedule I.
(b) when any sale or transfer or
reissue of securities for consideration is
made otherwise than through a stock
exchange or depository, the stamp-duty
on each such sale or transfer or reissue
shall be payable by the seller or
transferor or issuer, as the case may be,
on the consideration amount specified
in such instrument at the rate specified
in Schedule I.’.
16. Amendment of section 21.— In section
21 of the principal Act,—
(a) for the words “the value of such stock
or security according to the average price
or the value thereof on the day of the date
of the instrument.”, the words “the market
value of such stock or security:” shall be
substituted;
(b) the following proviso shall be
inserted, namely:—
“Provided that the market value for
calculating the stamp-duty shall be, in
the case of—
(i) options in any securities, the
premium paid by the buyer;
(ii) repo on corporate bonds,
interest paid by the borrower; and
(iii) swap, only the first leg of the
cash flow.”.
17. Amendment of section 29.— In section
29 of the principal Act,—
(i) in clause (a),—
(a) the words, figures and brackets
“No. 27 (Debenture)” shall be omitted;
(b) the words, figures, brackets and
letter “No. 62 (a) (Transfer of shares in
22 of 1996.
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1270
an incorporated Company or other body
corporate)” shall be omitted;
(c) the words, figures, brackets and
letter “No. 62 (b) (Transfer of debentures,
being marketable securities, whether the
debenture is liable to duty or not, except
debentures provided for by section 8)”
shall be omitted;
(ii) in clause (e), after the word
“exchange”, the words “including swap”
shall be inserted;
(iii) in clause (f), the word “and” shall
be omitted;
(iv) after clause (g), the following
clauses shall be inserted, namely:—
“(h) in the case of sale of security
through stock exchange, by the buyer
of such security;
(i) in the case of sale of security
otherwise than through a stock
exchange, by the seller of such security;
(j) in the case of transfer of security
through a depository, by the transferor
of such security;
(k) in the case of transfer of security
otherwise than through a stock
exchange or depositiory, by the
transferor of such security;
(l) in the case of issue of security,
whether through a stock exchange or a
depository or otherwise, by the issuer
of such security; and
(m) in the case of any other instrument
not specified herein, by the person
making, drawing or executing such
instrument.”.
18. Insertion of new section 62A.— After
section 62 of the principal Act, the following
section shall be inserted, namely:—
“62A. Penalty for failure to comply with
provisions of section 9A.— (1) Any person
who,—
(a) being required under sub-section
(1) of section 9A to collect duty, fails to
collect the same; or
(b) being required under sub-section
(4) of section 9A to transfer the duty to
the State Government within fifteen days
of the expiry of the time specified
therein, fails to transfer within such time,
shall be punishable with fine which
shall not be less than one lakh rupees,
but which may extend upto one per cent
of the collection or transfer so defaulted.
(2) Any person who,—
(a) being required under sub-section
(5) of section 9A to submit details of
transactions to the Government, fails to
submit the same; or
(b) submits a document or makes a
declaration which is false or which such
person knows or believes to be false,
shall be punishable with fine of one
lakh rupees for each day during which
such failure continues or one crore
rupees, whichever is less.”.
19. Insertion of new section 73A.— After
section 73 of the principal Act, the following
section shall be inserted, namely:—
“73A. Power of Central Government to
make rules.— (1) The Central Government
may, by notification in the Official Gazette,
make rules for carrying out the provisions
of Part AA of Chapter II.
(2) Without prejudice to the generality
of the provisions of sub-section (1), the
Central Government may make rules for
all or any of the following matters,
namely:—
(a) the manner of collection of stamp-
duty on behalf of the State Government
by the stock exchange or the clearing
corporation authorised by it, from its
buyer under clause (a) of sub-section (1)
of section 9A;
(b) the manner of collection of stamp-
duty on behalf of the State Government
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1271
by the depository from the transferor
under clause (b) of sub-section (1) of
section 9A;
(c) the manner of collection of stamp-
duty on behalf of the State Government
by the depository from the issuer under
clause (c) of sub-section (1) of section
9A;
(d) the manner of transfer of stamp-
-duty to the State Government under
sub-section (4) of section 9A;
(e) any other matter which has to be,
or may be, provided by rules.”.
20. Amendment of section 76.— In section
76 of the principal Act, after sub-section (2),
the following sub-section shall be inserted,
namely:—
“(2A) Every rule made by the Central
Government under this Act shall be laid,
as soon as may be after it is made, before
each House of Parliament, while it is in
session, for a total period of thirty days
which may be comprised in one session
or in two or more successive sessions, and
if, before the expiry of the session
immediately following the session or the
successive sessions aforesaid, both Houses
agree in making any modification in the
rule or both Houses agree that the rule
should not be made, the rule shall
thereafter have effect only in such modified
form or be of no effect, as the case may be;
so, however, that any such modification or
annulment shall be without prejudice to
the validity of anything previously done
under that rule.”.
21. Amendment of Schedule I.— In
Schedule I of the principal Act,—
(i) in Article 19, in column (1),—
(a) after the words “CERTIFICATE OR
OTHER DOCUMENT”, the brackets,
words, figures and letter “(except the
certificate or other document covered
under Articles 27 and 56A)” shall be
inserted;
(b) the words, brackets and figures
“See also LETTER OF ALLOTMENT OF
SHARES (No. 36)” shall be omitted;
(ii) for Article 27 and the entries relating
thereto, the following Article and entries
shall be subsitituted, namely:—
(1)
(2)
“27. DEBENTURE— [as defined by section
2 (10A)]
(see sections 9A and 9B)
(a) in case of issue of debenture;
0.005%
(b) in case of transfer and
0.0001%”;
re-issue of debenture.
(iii) in Article 28, for the entry in column
(I), after the words “DELIVERY ORDER IN
RESPECT OF GOODS,”, the brackets and
words “(excluding delivery order in
respect of settlement of transactions in
securities in stock exchange)” shall be
inserted;
(iv) in Article 36, for the entry in column
(I), the following entry shall be substituted,
namely:—
“36. LETTER OF ALLOTMENT in
respect of any loan to be raised by any
company or proposed company.”;
(v) after Article 56 and the entry relating
thereto, the following Article and entries
shall be inserted, namely:—
(1)
(2)
“56A. SECURITY OTHER THAN DEBENTURES
(See sections 9A and 9B)—
(a) issue of security other than
0.005%
debenture;
(b) transfer of security other than
0.015%
debenture on delivery basis;
(c) transfer of security other than
0.003%
debenture on non-delivery
basis;
(d) derivatives—
(i) futures (equity and
0.002%
commodity)
(ii) options (equity and
0.003%
commodity)
OFFICIAL GAZETTE — GOVT. OF GOA
SERIES I No. 41
9TH JANUARY, 2020
1272
(1)
(2)
(iii) currency and interest
0.0001%
rate derivatives
(iv) other derivatives
0.002%
(e) Government securities
0%
(f) repo on corporate bonds
0.00001%”;
(vi) in Article 62, items (a) and (b) and
the entries relating thereto shall be omitted.
PART II
Amendment to The Prevention of Money-laundering
Act, 2002
22. Amendment of section 8 of Act 15 of
2003.— In section 8 of the Prevention of
Money-laundering Act, 2002, in sub-section
(3), with effect from such date as the Central
Government may, by notification in the Official
Gazette, appoint,—
(i) in clause (a), for the words “ninety
days”, the words “three hundred and sixty-
five days” shall be substituted;
(ii) after clause (b), the following
Explanation shall be inserted, namely:—
“Explanation.— For the purposes of
computing the period of three hundred and
sixty-five days under clause (a), the period
during which the investigation is stayed
by any court under any law for the time
being in force shall be excluded.”.
www.goaprintingpress.gov.in
Printed and Published by the Director, Printing & Stationery,
Government Printing Press,
Mahatma Gandhi Road, Panaji-Goa 403 001.
PRICE – Rs. 34.00
PRINTED AT THE GOVERNMENT PRINTING PRESS, PANAJI-GOA—322/160—1/2020.