Section 12 in The Gujarat Value Added Tax Act, 2003
12. Tax credit for stock on [[31st March, 2006] [In the marginal note these words were '31st March, 2003' By mistake and oversight they remained to be corrected.]]
[Sub-section (8) was renumbered as clause (a)(b) of sub-section (8) was inserted by Gujarat Act No.6 of 2006 Section 10 (4)](1) Within the period as may be prescribed, all the dealers who are deemed to have been registered under Section 23 shall furnish in such form and to such authority as may be prescribed, [a statement of such taxable goods under this Act held in stock on the 31st March, 2006 which are purchased during the period commencing on the 1st April, 2005 and ending on 31st March, 2006] [These words, figures and letters were substituted for the words, figures and letters 'a statement of taxable goods under this Act held in stock on the 31st March, 2003' by Gujarat Act No. 6 of 2006, Section 11(1)(a)] for which the dealer intends to claim tax credit under this Act.Explanation. - for the purpose of this section, "taxable goods held in stock" includes taxable goods in the process of use in the manufacture as on the [31st March, 2006] [These words, figures and letters were substituted for the words, figures and letters 'a statement of taxable goods under this Act held in stock on the 31st March, 2003' by Gujarat Act No. 6 of 2006, Section 11 (1)(a)].(2)A registered dealer who has submitted the statement of taxable goods under subsection (1) shall not be permitted to make any changes in the details of such statement if such changes in increase in the tax credit claimed in the statement of taxable goods.(3)If the goods shown in the statement referred to in sub-section (1)-(a)were liable to tax under the earlier law, and the purchasing registered dealer had paid the amount of tax to the selling registered dealer under the earlier law or had paid purchased tax under the earlier law, and(b)are intended to be used for the purposes specified in sub-section (3) of section-11- then the amount of tax so paid by the purchasing dealer on the such goods, determined in such manner and subject to the provisions of Section 11 as far as they may apply arid further subject to such conditions and restrictions and to such extent as may be prescribed, shall be allowed as the tax credit to the dealer referred to in sub-section (1) Such tax credit shall be available as the outstanding credit brought forward for being claimed in such manner as may be prescribed.(4)Notwithstanding anything contained in this section, no tax credit under this section shall be allowed in respect of those goods,-(a)Which are not taxable under this Act or the earlier law;(b)Which are not included in the statement of taxable goods referred to in sub-section (1);(c)for which the dealer does not have in his possession sales vouchers issued by a dealer registered under the earlier law, against the purchases of the said goods or for which purchase tax payable under earlier law has not been paid by the [31st March, 2006] [These words were substituted for the words '31st March, 2003' by Gujarat Act,6 of 2006, Section 11(1) (a)];(d)Which are not recorded in the books of accounts of the dealer claiming tax credit under this section; or(e)[ [***] [Clause (e) was deleted by Gujarat Act, 6 of 2006, Section 11(2) (b),](5)Where the amount of tax on the goods purchased is not indicated separately on the sale vouchers, the tax credit under this section shall be calculated in the manner as may be prescribed.(6)The provisions of section 11 shall apply mutatis-mutandis to the tax credit to be availed of under this section.(7)if the Commissioner is satisfied that a dealer-(a)has claimed tax credit for such stock for which he is not entitled for claiming tax credit as per the provisions of section 11 and sub sections (3) and (4) of section, 12, or(b)has claimed excess tax credit that what he is entitled to under section 11 or under this section.the Commissioner may, after giving the dealer an opportunity of being heard direct him to pay a penalty equal to twice the amount of tax credit so claimed.
