68. Carry forward and refund of negative net amount.—

(1) If, in a tax period, the sum of input tax and the receivable decreasing adjustments exceeds the sum of output tax, supplementary duty and increasing adjustments for such tax period, resulting in a net negative payable amount of money, then—

(a) in relation to an economic activity involving construction, house building, land development, or property development: the excess amount of money shall be carried forward indefinitely and may be deducted in subsequent tax periods in accordance with the provision of this section; and

(b) in relation to other cases: the excess amount of money shall be carried forward and may be deducted over the following 6 (six) tax periods, after which any remaining excess money shall be refunded in accordance with the provision of this section.

(2) In relation to an economic activity involving construction, house building, land development or property development, every registered person shall be allowed a decreasing adjustment for an excess amount of money  carried forward from the previous tax period.

(3) Where sub-section (2) does not apply, a registered person shall be allowed a decreasing adjustment for excess amounts of money carried forward from earlier tax periods in the following manner—

(a) in a subsequent tax period, the amount of tax payable for such  period shall be determined by taking into account all output taxes and all adjustments other than the adjustments allowed under this section;

(b) if the amount of money thus assessed is in the positive,—

(i) such portion of the excess amount of money carried forward from the earlier tax periods shall be allowed as decreasing adjustments as would reduce the payable amount of money to nil; and

(ii) the excess amount of money carried forward shall be adjusted in a chronological order, with the adjustment for the oldest being made first and the most recent being adjusted last;

(c) such amounts of money carried forward from earlier tax periods as cannot be adjusted under clause (b), shall be  carried  forward  until—

(i) all of the excess amount carried forward is deducted for a tax period; or

(ii) a portion or all of the excess amount of money carried forward for a particular period is carried forward for six tax periods.

(4) If a portion or all of the excess amount of money is carried forward for 6 (six) tax periods without being adjusted,—

(a) and if such amount does not exceed taka fifty thousand (50,000), it shall continue to be carried forward until it is reduced to nil; or

(b) such amount of money, in other cases, shall, on receipt of an application made on such terms and in such manner as may be prescribed, be refunded within a period of 3 (three) months.

(5) Where a person carries on all the economic activities involving construction, house building or property development and other economic activities, all negative net amount of money shall be carried forward in accordance with the provisions of sub-section (2) unless the person is separately registered under section 5 in respect of those construction, house building or property development activities and those other economic activities.

(6) The Board may make rules prescribing a phased reduction in the number of tax periods for which negative amounts should be carried forward, including directive rules for the phased inclusion of the construction, house building and property development sector in the rules applicable to other sectors.