Section 12(4) in Tripura Value Added Tax Rules, 2005
(4)The security or additional security to be furnished by the registered dealer under section 20 or by registered Transporter under section 22 shall be determined by the Commissioner on the basis of nature of business, capital investment & taxable turnover etc. and shall be furnished either -(i)by challan in Form XVIII in favour of the concerned Superintendent of Taxes or(ii)by depositing the amount fixed by the Commissioner as security in a Nationalised Bank or(iii)by furnishing with the said officer a guarantee from a Nationalised Bank agreeing to pay the State Government on demand the amount of security fixed by the Commissioner or(iv)by furnishing National savings Certificate or Kishan Vikash Patra. The Security furnished may, in the event of default of payment of any tax, penalty or other dues, be adjusted towards such tax, penalty or other dues.
