Welcome amendment: 75% of VAT Refund under PVAT Act to be allowed on furnishing of Indemnity bond

0 comments Sunday, March 27, 2011

Section 39 of Punjab VAT Act 2005 deals with refund of tax. Some welcome changes have been made in said section by adding a new sub section 1-A to the said section which provides for provisional allowing of 75% of amount of refund claimed under PVAT Act subject to furnishing of indemnity bond in prescribed format and subject to such terms and conditions as may be prescribed.

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