| 83: Claiming by or allowing to a registered dealer rebate of input tax under section 73 M.P. VAT RULES | |
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83: Claiming by or allowing to a registered dealer rebate of input tax under section 73
(1)A registered dealer shall furnish a statement in form 66 in respect of goods, specified in schedule-II held in stock by him on the date of commencement of the Act and such statement shall be furnished by him to the appropriate Commercial Tax Officer within 30 days of such date.
(2)If such stock statement is not filed within the time allowed under sub-rule (1), the registered dealer shall not be entitled to input tax rebate on the goods so held in stock.
(3)The aforesaid stock statement shall be subject to verification by the assessing authority. Such verification shall be taken up in such number of cases as may be determined by commissioner.
(4) If the assessing authority is not satisfied with the stock so declared and input tax rebate claimed on that stock, he shall after affording an opportunity of being heard to the registered dealer by issue of a notice in form 67, pass an order before 31st July, 2005 determining the rate wise value of eligible stock for input tax rebate as also the input tax rebate available on that stock.
(5) If no notice for verification is issued before 1st June, 2005, the input tax rebate claimed
on the stock shall be deemed to have been allowed.
(6) (a) For the purpose of computation of the input tax rebate to be claimed by or be
allowed to a registered dealer under section 73 in respect of goods,-
(i) referred to in sub-section (2) or clause (b) of sub-section (3) of the said section ;
(ii) used or consumed in respect of the goods referred to in clause (a) of sub-section (3) of the said section,
turnover of such goods which have borne tax under the repealed Act, shall be arrived at by deducting from purchase Value of such goods the element of tax calculated by applying the following formula:-
Purchase Value x rate of tax under the repealed Act
100 + rate of tax under the repealed Act
(Purchase Value means amount paid to selling dealer for purchase of such goods)
(b) If tax under the repealed Act was charged separately by the selling registered dealer, on the turnover so computed under clause (a), tax shall be calculated at the rate specified in sub-section (2) or clause (a) or clause (b) of sub-section (3) of section 73 as the case may be and an input tax rebate equal to the amount of tax so calculated shall be claimed by or be allowed to the registered dealer.
(c) If tax under the repealed Act was not charged separately by the selling registered dealer, tax shall be calculated in accordance with the provisions of sub-section (2) or clause (a) or clause (b) of sub-section (3) ,as the case may be, of section 73, on the seventy five percent of the turnover so computed under clause (a) and an input tax rebate equal to the amount of tax so calculated shall be claimed by or be allowed to the registered dealer.
(7) The amount of input tax rebate to the credit of a registered dealer computed in accordance with
the provisions of sub-rule (3), shall be claimed or be allowed in three equal installments within a period of nine months from the date of commencement of the Act.
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