Section 14 in Daman and Diu Value Added Tax Regulation, 2005
14. Treatment of stock brought forward during transition.
(1)Within a period of four months of the commencement of this Regulation, all registered dealers desirous to claim the tax credit referred to in sub-section (2), shall furnish to the Commissioner a statement, in the form as may be prescribed, containing details of their trading stock, raw materials and packaging materials for trading stock (in this section referred to as "opening stock") which -(a)is held in Daman and Diu on the date of the commencement of this Regulation;(b)was purchased by the dealer after the 1st day of April,(2)If -(a)the dealer has furnished the statement referred to in sub-section (1);(b)the tax has been paid in respect of opening stock in accordance with the provisions of the Daman and Diu Sales Tax Act, 1964 (4 of 1964), as it stood before its repeal by section 106, at the point specified by the Government under section 8 of the said Act at full rate of tax specified in the Schedules to that Act; and(c)the opening stock has been purchased by the dealer from a registered dealer for any of the purposes as are specified in sub-section (1) of section 9,the amount of tax paid under the Daman and Diu Sales Tax Act, 1964 (4 of 1964), as it stood before its repeal by section 106, on such opening stock, determined in such manner and subject to such conditions and restrictions and to the extent as may be prescribed, shall be credited to the registered dealer as 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 Daman and Diu Sales Tax Act, 1964 (4 of 1964), as it stood before its repeal by section 106, in respect of the purchases of such stock:Provided further that the dealer shall be eligible to claim the entire amount of credit to which he is entitled if such entire credit is indicated and claimed in a single statement, which accompanies a return furnished under this Regulation.(3)No tax credit under sub-section (2) shall be claimed -(a)for finished goods manufactured out of raw material or capital goods on which tax had been paid;(b)for any goods, which were taxable at last point under the Daman and Diu Sales Tax Act, 1964 (4 of 1964) as it stood before its repeal by section 106, held at the time of the commencement of this Regulation;(c)in any statement furnished after the expiry of four months after the commencement of this Regulation; or(d)for opening stock which is held outside Daman and Diu.(4)Every dealer, desirous to claim a tax credit for more than one lakh rupees in respect of the opening stock referred to in sub-section (1), shall furnish along-with the statement a certificate signed by an accountant in the prescribed form certifying that the net credit claim specified in such statement is true and correct.(5)Notwithstanding anything contained in section 3, if -(a)a person was registered as a dealer under the Daman and Diu Sales Tax Act, 1964 (4 of 1964), as it stood before its repeal by section 106;(b)the person is not registered as a dealer under this Regulation in pursuance of section 24, and such person has not made an application for grant of certificate of registration as a dealer within one month of the date of the commencement of this Regulation; and(c)on the date of the commencement of this Regulation, the dealer held opening stock of finished goods in respect of which tax has not been paid under the Daman and Diu Sales Tax Act, 1964 (4 of 1964), as it stood before its repeal by section 106, the person shall be liable to pay tax under this Regulation at the rate or rates specified in section 4 on the fair market value of the opening stock of finished goods held on the date of the commencement of this Regulation.(6)The tax due under sub-section (5) shall be paid within two months from the date of the commencement of this Regulation.
