Section 16(6) in Daman and Diu Value Added Tax Regulation, 2005
(6)Every dealer, who opts or intends to pay tax under this section, shall be required to pay tax on the trading stock, raw material, packaging material (in this sub-section referred to as "opening stock") and finished goods,-(a)in the case of a dealer referred to in sub-section (3), held on the date of the commencement of this Regulation; or(b)in the case of any other dealer, on the date on which he exercises his option or specifies intention under this section,at the rates specified in section 4 on the fair market value of such opening stock and finished goods where no tax has been paid which was payable on such opening stock and finished goods under the Daman and Diu Sales Tax Act, 1964 (4 of 1964), repealed by section 106 or under this Regulation.
