79. Refund of tax to eligible units.

(1) Every unit holding an Entitlement Certificate for the purposes of any of the Package Schemes of Incentives except the New Package Scheme of Incentives for Tourism Projects1999 shall be entitled to claim refund of the tax including entry tax of an amount equal to the set-off to which it would have been entitled under the Act or rules on the purchases of raw materials made on or after the appointed day if it was not holding Certificate of Entitlement in respect of each period for which it is required to file a return.

(2) If the unit is holding an Entitlement Certificate for exemption from payment of tax under the 1979, 1983, 1988 or 1993 Package Scheme of Incentives or, as the case may be, under the Power Generation Promotion Policy 1998, then, it shall also be entitled to claim refund of tax equal in amount to the amount calculated for the purpose of reduction from set-off under rule 53, if the said dealer was not holding the Certificate of Entitlement.

(3) Notwithstanding anything contained in sub-rule (2), no refund under the said sub-rule shall be allowed unless, the Unit holding the said Certificate for exemption from payment of tax reduces in respect of the period starting on or after the 1st April, 2005 an amount equal to the amount of refund calculated as per sub-rule (2) from the balance of monetary ceiling available at the beginning of the return period in respect of which refund is claimed under sub-rule (2), and files the returns or, as the case may be, revised returns for the period to which such refund relates by admitting such deductions therein

(4) No set-off under any rule shall be granted to a unit holding the Entitlement Certificate except the unit holding Entitlement Certificate under the New Package Scheme of Incentives for Tourism Projects -1999 in respect of any purchases of raw materials made on or after the appointed day.