The amount of tax suffered under this Act mentioned in clause (a) on such opening stock, in such manner and subject to such condition and restriction and up to the extent as may be prescribed, shall be credited to the dealer and can be availed as outstanding credit brought forward in terms of section 13 in the first tax period after the commencement of this Act.Provided that no tax credit under this section shall be allowed unless:-(a)The dealer has in his possession, sale vouchers issued by a dealer registered under the Meghalaya Finance (Sales Tax) Act against the purchases of the said goods; and(b)The amount of tax the goods have suffered at the first point is indicated separately on the said vouchers.(4)No tax credit under sub-section (2) stock for which under sub-section (2) the Commissioner may, after providing the dealer an opportunity of being heard direct him to pay a penalty equal to twice the amount of tax credit so claimed. (4) If the Commissioner is satisfied that a dealer:(a)Has claimed tax credit for stock for which he is not entitled for claiming tax credit as per the provisions of sub-section (2) and sub-section (3); or(b)Has claimed excess tax credit than allowed under sub-section (2) the Commissioner may, after providing the dealer an opportunity of being heard direct him to pay a penalty equal to twice the amount of tax credit so claimed.
