(1)A registered dealer is entitled to input tax credit in respect of any goods held as stock as on the date of commencement of this Act -(a)on the amount of tax actually paid on the purchase of goods held as stock if it is ascertainable from the records of the dealer or,(b)in other cases, on the amount of tax calculated at the rate to which the goods are subjected to tax under the repealed Act on the estimated taxable turnover of such goods.(2)Input tax credit as provided under sub-section (1) shall be allowed as an when sale of such goods takes place after the commencement of this Act:Provided that the Commissioner may, by notification in the Official Gazette, freeze input tax credit for the period as may be specified in the said notification.(3)Any registered dealer who claims input tax credit under the provisions of this section shall file statement of such claim within thirty days from the commencement of this Act, furnishing therein such details as may be prescribed along with an inventory of such stock.(4)A registered dealer who would have continued to be so liable to pay tax under the repealed Act had this Act not come into force, shall be deemed to be a registered dealer under this Act.(5)Notwithstanding anything contained elsewhere in this Act -(a)Any person appointed as the Commissioner, Joint Commissioner or Assistant Commissioner, or any person appointed to assist the Commissioner, under the repealed Act and continuing in the office immediately before the appointed day, shall, on and from the appointed day, be deemed to have been appointed under this Act and shall continue in office as such till such person ceases to be the Commissioner, Joint Commissioner or Assistant Commissioner or ceases to be the person appointed to assist the Commissioner.(b)Any dealer liable to furnish return under the repealed Act immediately before the appointed day shall notwithstanding that a period, in respect of which is so liable to furnish return, commences on any day before such appointment day and ends on any day after such appointed day, furnish such return in respect of tax payable for sales or purchases made up to the day immediately before such appointed day and pay tax in accordance with the provisions of repealed Act and shall furnish a separate return in respect of the remaining part of the period which commences on such appointed day and pay tax due on such return for sales or purchases made on and from such appointed day in accordance with the provisions of this Act;(c)Any order delegating any power under the repealed Act or the rules made there-under by the Commissioner to any person appointed, by any designation, to assist him before the appointed day shall, on and from such appointed day, continue in force until the Commissioner amends, varies or rescinds such order after such appointed day under this Act;(d)Any dealer, who is no longer liable to pay tax under the repealed Act and whose account, registers or documents have been seized under that Act, shall continue to be retained in accordance with provision of that Act on or after appointed day;(e)All forms under the repealed Act or the rules made there under and continuing in the force on the day immediately before the appointed day shall, with effect from such appointed day, continue in force and shall be used mutatis mutandis for the purpose for which they were being used before such appointed day until the Government directs, by notification, the discontinuance of the use of such forms till such time as the Government may, by notification, specify in this behalf;(f)All rules, regulations, notifications or orders made or issued under any of the repealed Act and continuing in force on the day immediately before the appointed day shall continue to be in force on or after such appointed day in so far as they are not inconsistent with the provisions of this Act or the rules made thereunder until they are repealed or amended;(g)Any form obtained or obtainable by the dealer from any prescribed authority or any declaration furnished or to be furnished by or to the dealer under any of the Acts so repealed or the rules made thereunder in respect of any sale of goods before the appointed day shall be valid where such form is obtained or such form is furnished on or after such appointed day,(h)Any application for revision, review or reference arising from any order passed before the appointed day or any appeal arising from any assessment of tax or determination of interest made before such appointed day or any application for refund, or for form, in respect of any period before such appointed day, under the repealed Act if made on or before such appointed day and pending on such appointed day, shall be disposed of in accordance with the provisions of the repealed Act;(i)The Commissioner or any other authority to whom power in this behalf has been delegated by the Commissioner under the repealed Act may on his own motion, review or revise any order passed before the appointed day in accordance with the provision of that Act;(j)Any application for the form, for the transport of the goods into the state, pending on the day immediately before the appointed day, shall be deemed to have been made under this Act and shall be disposed of in accordance with the provisions of this Act;(k)Any tax assessed, interest determined or penalty imposed under the repealed Act in respect of sales or purchase made, or the repealed Act before the appointed day, shall be payable or recoverable in accordance 4 with the provisions of the repealed Act;(6)Where a registered dealer was enjoying the benefits of reimbursement of tax under the repealed Act immediately before the appointed day and who would have continued to be so eligible on such appointed day under that Act had this Act not come into force, may be allowed reimbursement of tax by him under this Act by the Commissioner, for the un-expired period.
