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The Finance Act, 1981

( ACT NO. XI OF 1981 )

Amendments of Act III of 1951
7. The following amendments shall be made in the Sales Tax Act, 1951 (III of 1951), namely:-
 
 
 
 
(1) in section 2, in clause (11), the words “a person engaged in the business of purchasing and selling articles made wholly or partly of gold or silver” shall be omitted;
 
 
 
 
(2) in section 3,-
 
 
 
 
(a) in sub-section (1),-
 
 
 
 
(i) for clause (a) the following shall be substituted, namely:-
 
 
 
 
“(a) such goods or class of goods as the Board may, by notification in the official Gazette, specify in this behalf which are manufactured or produced in taxable territories, payable by the manufacturer or producer;”;
 
 
 
 
(ii) clause (aa) shall be omitted;
 
 
 
 
(b) for sub-section (2) the following shall be substituted, namely:-
 
 
 
 
“(2) The tax shall be-
 
 
 
 
(i) in the case of goods falling under clause (a) of sub-section (1), at a rate not exceeding twenty per cent of the value of the goods as mentioned against the goods specified in the notification issued in pursuance of the said clause;
 
 
 
 
(ii) in the case of goods falling under clause (b) or clause (d) of sub-section (1) at the rate of twenty per cent on the value of the goods.”;
 
 
 
 
(c) in sub-section (3), in clause (i) the words, brackets and letters “or clause (aa)” shall be omitted;
 
 
 
 
(d) in sub-section (4), the commas, brackets and letters “, (aa),” shall be omitted;
 
 
 
 
(3) in section 12, the words, brackets and letters “and clause (aa)” shall be omitted; and
 
 
(4) the Schedule shall be omitted.

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