Section 15 in Arunachal Pradesh Goods Tax Act, 2005
15. Treatment of stock brought forward during transition.
(1)Deemed input credit. Within a period of four months of commencement of this Act, all registered dealers wishing to claim the credit referred to in sub- section (2), shall furnish to the Commissioner a statement of their trading stock, raw materials and packaging materials for trading stock (in this section referred to as "opening stock") which -(a)is held on the date of commencement of this Act;(b)is in Arunachal Pradesh on the date of commencement of this Act; and(c)was purchased by the dealer after 1 April 2004; in such form as may be prescribed.(2)if-(a)the dealer has furnished the statement referred to in sub-section (1);(b)the opening stock has suffered tax under the Arunachal Pradesh Sales Tax Act 1999 at the point specified by the Government under section 5 of the said Act; and(c)if the opening stock had been purchased by the dealer after the commencement of this Act from another registered dealer, the dealer would have been entitled to a tax credit under section 9(1), the amount of tax suffered under the Arunachal Pradesh Sales Tax Act 1999 on such opening stock, determined in such manner and subject to such conditions and restrictions and up to the extent as may be prescribed, shall be credited to the registered dealer as if a tax credit under section 9;Provided that no tax credit under this section shall be allowed unless the dealer has In his possession, invoices issued by a dealer registered under the Arunachal Pradesh Sales Tax Act 1999 in respect of the purchases of the said goods;Provided further that the dealer must claim the entire amount of credit to which he is entitled in a single statement, which accompanies a return furnished under this Act.(3)For the avoidance of doubt, no tax credit under sub-section (2) can be claimed:(a)for finished goods or capital goods;(b)for any goods that were taxable at last point under the Arunachal Pradesh Sales Tax Act 1999 held at the time of commencement of this Act;(c)in a statement furnished more than 4 months after the commencement of this Act; or(d)for opening stock which is held outside Arunachal Pradesh.(4)Audit certificate. Every dealer wishing to claim a tax credit for opening stock in excess of Rupees one hundred thousand must furnish with the statement a certificate signed by an Accountant in the prescribed form certifying that the net refund claim made is true and correct.(5)Tax on transition stock. Notwithstanding section 3, if -(a)a person was registered as a dealer under the Arunachal Pradesh Sales Tax Act, 1999 (Act 5 of 1999); |(b)the person is not registered as a dealer under this Act pursuant to section 25, and the person has not applied to be registered as a dealer within one month of the date of commencement of this Act; and(c)on the date of commencement of this Act, the dealer held opening stock or finished goods which had not suffered tax under the Arunachal Pradesh Sales Tax Act 1999; and the person shall be liable to pay tax under this Act at the rates specified in section 4 on the fair market value of the opening stock held on the date of commencement of this Act.(6)[ The tax due under sub-section (5) shall be paid in four equal instalments, alongwith the quarterly returns. The dealers are allowed to avail credit of tax paid on Opening Stock in the corresponding four quarters.] [Substituted by 2006 and Act (Act no 7 of 2006) section 2]
