Clause 3
Amendment of section 19
of Goods and Services Tax (Amendment) Bill
Section 19(15) of the principal Act is amended by deleting the definition of “subsequent specified period” and substituting the following definition:“ “subsequent specified period” means —
where the prescribed accounting period during which the relevant input tax was first credited under subsection (2) ends before 1st January 2007, a period —
commencing on the day immediately following the end of the initial specified period; and
ending on a day 6 years from the end of that prescribed accounting period; or
where the prescribed accounting period during which the relevant input tax was first credited under subsection (2) ends on or after 1st January 2007, a period —
commencing on the day immediately following the end of the initial specified period; and
ending on a day 5 years from the end of that prescribed accounting period.”.