Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 9] [Entire Act]

State of Chattisgarh - Subsection

Section 9(6) in Chhattisgarh Value Added Tax Rules, 2006

(6)
(a)A registered dealer shall claim or be allowed input tax rebate under Section 73, if he has furnished the statement of stock in the manner laid down in Rule 80.
(b)A registered dealer who claims or is to be allowed input tax rebate under sub section (2) or (3) of Section 73 and proves to the satisfaction of the Assessing Authority that the goods specified in Schedule II or goods used/ consumed in manufacture of such goods held in stock on the date of the commencement of this Act, were liable to tax at the hands of the selling registered dealer on the date of purchase under the repealed Act, and the element of tax is included in the sale price then the element of tax, that such goods had borne shall be calculated by applying the following Formula. The tax so calculated shall be deducted from the sale price to arrive at the net. turnover :-
Sale price x rate of tax under the repealed Act100 + rate of tax under the repealed Act
(c)II the registered dealer fails to prove to the satisfaction of the Assessing Authority that the goods referred to in clause (a) above were liable to tax at the hands of the selling registered dealer, tax shall be calculated in accordance with the provisions of clause (a) on the seventy five per cent of the turnover computed and the amount of tax so calculated shall be deducted from the seventy five per cent of the sale price of the selling registered dealer to arrive at net turnover.
On the net turnover so computed tax shall be calculated at the rate specified in sub-section (2) or (3), as the case may be, of Section 73 and input tax rebate equal to the amount of tax so calculated shall be claimed by or be allowed to the registered dealer.