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State of Bihar - Section
Section 13 in Bihar Value Added Tax Rules, 2005
13. Input tax credit on account of opening stock.
- Subject to the provisions of rule 56, the input tax credit on account of opening stock to which the dealer is entitled shall -(a)in a case where such opening stock has been valued exclusive of tax and -(i)tax under section 12 and 6 of the earlier law has been charged from the dealer holding such stock, be the aggregate of the tax suffered by such opening stock under section 12 and section 6 of the earlier law,(ii)tax under 6 of the earlier law has been charged from the dealer holding such stock, be the tax suffered by such opening stock under section 6 of the earlier law;(b)in a case where the opening stock of any goods, held by a dealer from whom tax under section 12 and section 6 of the earlier law has been charged, is valued inclusive of the tax levied under the earlier law then, the tax element included in the opening stock of such goods and qualifying for input tax credit under section 16 shall be the amount arrived at after applying the following formula:O = [V + (1.01 x Tr x V)] ÷ (101 + 1.01Tr)Where,O = The entitlement to input tax credit on account of opening stock of the dealer from whom tax under section 12 and section 6 of the earlier law has been charged;V = The value of the opening stock, inclusive of tax under the earlier law, of such goods which have been purchased between 01.04.2004 and 31.3.2005 and on which tax under section 12 and 6 of the earlier law has been paid; andTr = The rate of tax applicable to the goods in stock under the earlier law.(c)in a case where the opening stock of any goods, held by a dealer from whom tax under section 12 of the earlier law has been charged, is valued inclusive of the tax levied under the earlier law then, the tax element included in the opening stock of such goods and qualifying for input tax credit under section 16 shall be the amount arrived at after applying the following Formula:O = (V x Tr) ÷ (100 + Tr); where,O = The entitlement to input tax credit on account of opening stock of the dealer from whom tax under section 12 of the earlier law has been charged;V = The value of the opening stock, inclusive of tax under the earlier law, of such goods which have been purchased between 01.04.2004 and 31.3.2005 and on which tax under section 12 of the earlier law has been paid; andTr = The rate of tax applicable to the goods in stock under the earlier law.(d)in a case where the opening stock of any goods, held by a dealer from whom tax under section 6 of the earlier law has been charged, is valued inclusive of the tax levied under the earlier law then, the tax element included in the opening stock of such goods and qualifying for input tax credit under section 16 shall be the amount arrived at after applying the following Formula:O = V ÷ 101; where,O = The entitlement to input tax credit on account of opening stock of the dealer from whom tax under section 6 of the earlier law has been charged; andV = The value of the opening stock, inclusive of tax under section 6 of the earlier law, of such goods which have been purchased between 01.04.2004 and 31.3.2005 and on which tax under section 6 of the earlier law has been paid.(e)Notwithstanding anything contained in clauses (a), (b), (c) or (d), claims in respect of input tax credit relating to opening stock shall be made by a dealer only in such return filed by him under sub section (1) of section 24 along with which he encloses a true declaration in Form IXC as specified under rule 12 of the Bihar Sales Tax Rules, 1983 issued by the dealer from whom such goods were purchased under the earlier law.Provided that in the case of a manufacturer, claims in respect of input tax credit relating to opening stock shall be made by a dealer only in such return filed by him under sub-section (1) of section 24 along with which he encloses the following certificate issued by a Chartered Accountant within the meaning of sub-section (2) of section 54:CertificateCertified that:| SlNo. | Descriptionof Goods held in stock on 31-3-2005 | ApplicableTax rate under the earlier law | Valueof Goods in stock | Taxon the value specified in column (4) |
| 1 | 2 | 3 | 4 | 5 |
| Date .................Place..................... | Signature of Authorised Person(s)Office Seal |