Section 16(6) in The Delhi Value Added Tax Act, 2004
(6)In case a person-(a)who is registered under the Delhi Sales Tax Act, 1975 or the Delhi Sales Tax on Works Contract Act, 1999 [or the Delhi Sales Tax on Right to Use Goods Act, 2002] [Inserted, vide DVAT (Amendment) Act, 2005 (5 of 2005), w.e.f. 1-4-2005.], at the time of the commencement of this Act;(b)whose turnover in the year preceding the commencement of this Act [xxx] [Words 'exceeds the taxable quautum under this Act, but' omitted by DVAT (Second Amendment) Act, 2005 (10 of 2005), w.e.f. 16-11-2005.] does not exceed [fifty lakh] [Substituted for 'twenty-five lakh' by DVAT (Amendment) Act, 2005 (5 of 2005), w.e.f. 1-4-2005.] rupees or such other amount as may be specified by the Government by notification in the Official Gazette; and(c)who has opted to pay tax under this section in terms of sub-section (3) of this section,he 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 held on the date of the commencement of this Act at the rates specified in section 4 of this Act on the fair market value of such opening stock and finished goods where such opening stock and finished goods have not borne tax under the Delhi Sales Tax Act, 1975 (43 of 1975).
