Section 14 in The Andaman and Nicobar Islands Value Added Tax Regulation, 2017
14. Treatment of stock brought forward during transition.
(1)Within a period of four months of the commencement of this Regulation, 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 in Andaman and Nicobar Islands on the date of the commencement of this Regulation;(b)was purchased by the dealer after the first day of July 2016,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 borne tax under the Port Blair Municipal Council Octroi Tax Bye-Laws, at the point specified by the Government under Rule 6 of the said Bye-Laws, the amount of tax paid on such opening stock shall be determined in such manner and subject to such conditions and restrictions and to the extent as may be prescribed and shall be credited to the registered dealers as a tax credit under section 9.(3)For the avoidance of doubt, no tax credit under sub-section (2) can be claimed-(a)for finished goods manufactured out of tax paid raw material or capital goods;(b)in a statement furnished more than four months after the commencement; or(c)for opening stock which is held outside Andaman and Nicobar Islands.(4)Every dealer wishing to claim a tax credit in excess of one lakh rupees on opening stock shall furnish with the statement a certificate signed by an accountant in the prescribed form certifying that the net credit claim made is true and correct.
