Section 16(2) in Daman and Diu Value Added Tax Regulation, 2005
(2)Every dealer, referred to in sub-section (1), at the time of making an application for grant of certificate of registration under section 19, shall be required to specify whether he intends to pay tax under this section:Provided that in case a dealer opts to pay tax under this section, he may, by an application made to the Commissioner within such time and in such manner as may be prescribed, withdraw his option at any time after the end of the year in which such option was made:Provided further that in a case where a dealer withdraws his option to pay tax under this section, he shall be entitled to claim credit of the tax paid under this Regulation on the trading stock, raw material and packaging material held by him in the Daman and Diu on the date when such option was made subject to the condition or conditions specified in section 20 and applicable to such dealer.
