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State of Madhya Pradesh - Section

Section 82 in M.P. Vat Rules, 2006

82. Claiming by or allowing to a registered dealer rebate of input tax under Section 73.

(1)A registered dealer shall furnish a statement in Form 66 in respect of goods, specified in Schedule-II held in opening stock by him on the date of commencement of the Act and such statement shall be furnished by him to the appropriate Commercial Tax Officer within [on or before 30th June, 2006] [Substituted by Notification No. F-A-5-7-2006-1-V (40), dated 14-6-2006.]:[Provided that the statement in Form 66 can be furnished on or before 10th August, 2006 with a late fee of Rs. 1000/-.] [Inserted by Notification No. F-A-3-4-2006-1-V (55), dated 27-7-2006.]
(2)If such stock statement is not filed within the time allowed under sub-rule (1), the registered dealer shall not be entitled to input tax rebate on the goods so held in stock.
(3)The aforesaid stock statement shall be subject to verification by the assessing authority. Such verification shall be taken up in such number of cases as may be determined by Commissioner.
(4)If the assessing authority is not satisfied with the stock so declared and input tax rebate claimed on that stock, he shall, after affording an opportunity of being heard to the registered dealer by issue of a notice in Form 67, pass an order within [150] [Substituted by Notification No. F-A-3-4-2006- 1-V (55), dated 27-7-2006.] days from the date of commencement of the Act determining the rate wise value of eligible stock for input tax rebate as also the input tax rebate available on that stock.
(5)If no notice for verification is issued within [150] [Substituted by Notification No. F-A-3-4-2006- 1-V (55), dated 27-7-2006.] days from the date of commencement of the Act, the input tax rebate claimed on the stock shall be deemed to have been allowed.
(6)
(a)For the purpose of computation of the input tax rebate to be claimed by or be allowed to a registered dealer under Section 73 in respect of goods,-
(i)referred to in sub-section (2) or clause (b) of sub-section (3) of the said section;
(ii)used or consumed in respect of the goods referred to in clause (a) of sub-section (3) of the said section, turnover of such goods which have borne tax under the repealed Act, shall be,-
(1)arrived at by deducting from Purchase Value of such goods the element of tax calculated by applying the following formula, if tax separately charged by the selling dealer :-
| Purchase Value x rate of tax under the repealed Act100 + rate of tax under the repealed Act|
(2)75% of the Purchase Value, if tax separately not charged by the selling dealer.Explanation : - Purchase Value means the amount paid to the selling dealer for purchase of such goods.
(b)On the turnover so computed under clause (a), tax shall he calculated at the rate specified in sub-section (2) or clause (a) or clause (b) of sub-section (3) of Section 73, as the case may be, and an input tax rebate equal to the amount of tax so calculated shall be claimed by or be allowed to the registered dealer.
(7)The amount of input tax rebate to the credit of a registered dealer computed in accordance with the provisions of sub-rule (6), shall be claimed or be allowed in three equal instalments within a period of nine months from the date of commencement of the Act. The input tax rebate shall be adjusted towards the tax payable under the Act.