Remission of tax deemed to be deferred payment of tax
(1) Notwithstanding anything contained in this Act, all remission of tax made for a specified period or for any specified amount of tax under sub-section (4) of section 17 of the Tamil Nadu General Sales Tax Act, 1959 in so far as the unexpired period of such remission or balance amount of tax remitted, as the case may be, shall be deemed to be deferred payment of tax under section 32. The tax payable in respect of the unexpired period of such remission or balance amount of tax remitted shall be paid in such manner as may be prescribed:
Provided that the Government may, if it considers necessary, on application from any industrial unit availing such remission, allow such unit to continue such remission for the unexpired period or till the balance of amount of tax remitted, whichever is earlier.
(2) Notwithstanding any thing contained in this Act, the deferred payment of tax under sub-section (1) shall not attract interest under sub-section (3) of section 42, provided the conditions laid down for payment of the tax deferred are satisfied.
(3) Notwithstanding any thing contained in this Act, the Government may, in such circumstances and subject to such conditions as may be prescribed, by notification, exempt the whole or any part of the tax payable for any period and sale of goods made to or purchase of goods made by a new industrial unit, in respect of which the Government have already notified exemption of tax under the Tamil Nadu General Sales Tax Act, 1959 and such exemption on purchases or sales shall be by way of refund of tax paid on purchases made by or sales made to such industrial unit in the manner prescribed.