Here is the Explanation (Concise) to Rule 27
Also See : Rule 27 (Bare provision)
Because of new Circular, the below explanation has changed, please click here for new explanatory
If a dealer satisfies the below conditions then he can pay LBT on "Lump Sum Payment"
1. Purchases during the year less than 5,00,000 Rs.
2. Furnish Declaration in Form R.
3. Receive order granting permission.
4. Make payment within 15 days from date of receipt of order.
As per second proviso to Rule 27(1) id the dealer does not make payment within 15days (i.e. the time stipulated) then permission shall stand withdrawn.
But as per third proviso to Rule 27(2) if the dealer makes payment within
> 3 months from date of receipt of Order OR
> End of the year in which permission was granted
(Which ever is earlier)
along with interest then will not be withdrawn from permission.
In simple language can make payment last upto 3 months or year end, but will then have to pay interest.
Also See : Rule 27 (Bare provision)
Because of new Circular, the below explanation has changed, please click here for new explanatory
If a dealer satisfies the below conditions then he can pay LBT on "Lump Sum Payment"
1. Purchases during the year less than 5,00,000 Rs.
2. Furnish Declaration in Form R.
3. Receive order granting permission.
4. Make payment within 15 days from date of receipt of order.
As per second proviso to Rule 27(1) id the dealer does not make payment within 15days (i.e. the time stipulated) then permission shall stand withdrawn.
But as per third proviso to Rule 27(2) if the dealer makes payment within
> 3 months from date of receipt of Order OR
> End of the year in which permission was granted
(Which ever is earlier)
along with interest then will not be withdrawn from permission.
In simple language can make payment last upto 3 months or year end, but will then have to pay interest.
