HPVAT: Lump-sum payment of composite tax U/s. 16(2) cannot be equated with powers of State U/s. 62(5)

Pooja Cotspin Limited Vs State of Himachal (Himachal Pradesh High Court) The first proviso to Section 62(5) of the Himachal Pradesh Value Added Tax Act, 2005 enables the State to issue notification and allow any dealer to avail of any incentive on tax, if such incentive has been declared by the State before the commencement of the VAT Act. In exercise of such powers, the State Government issued notification dated 19.01.2006 and allowed the incentive of deferment to new and existing Industrial Units by applying all terms and conditions specified in deferment scheme. The lump-sum payment of comp...