Submission of inventories.
20 (1) Every dealer shall submit, to his assessing authority a copy of inventories prepared by him under sub-rules (1) and (2) of rule 18 in respect of goods held by him-
(a) in opening stock on the date of the commencement of the Ordinance, where the dealer is liable for payment of tax from such date, within sixty days from the date of the commencement of the Ordinance.
(b) in opening stock on the date from which dealer is liable for payment of tax, where such date falls after the date of the commencement of the Ordinance, along with application for registration and;
(c) in closing stock on the last day of each assessment year along with annual return of turnover and tax
(2) Every dealer, who-
(a) discontinues his business, shall submit, to his assessing authority, along with tax return of the tax period in which he has discontinued his business, a copy of inventories prepared by him under sub-rules (1) and (2) of rule 18 in respect of goods held by him in closing stock on the date on which he has discontinued his business;
(b) opts for payment of tax under section 6, shall submit, to his assessing authority a copy of inventories prepared by him under sub-rules (1) and (2) of rule 18 in respect of goods held by him in opening stock on the date on which period of composition under section 6 commences, along with tax return of the tax period in which day preceding the date of commencement of period of composition falls;
(c) has, for any period, opted for payment of tax under section 6, shall submit, to his assessing authority a copy of inventories prepared by him under sub-rules (1) and (2) of rule 18 in respect of goods held by him in closing stock on the date on which period of composition under section 6 expires, along with tax return of the tax period in which day, succeeding the date on which period of composition has expired, falls.
(3) Every dealer shall furnish the inventories as provided above in the form prescribed by the Commissioner.
(4) In respect of clauses (a) and (b ) of sub-rule (1),
(a) If the assessing authority is satisfied that information furnished is correct and complete, he shall, before expiry of four months from the last date prescribed for filing the inventory as provided under clause(a) of sub rule(1), pass an order computing the input tax in accordance with the provisions of the Ordinance and rules. A copy of the order so passed shall be served to the dealer.
(b) If the assessing authority, on the basis material available on the record, is satisfied that information furnished is incorrect and incomplete or not worthy of credence, he shall, after giving a reasonable opportunity of being heard and making such enquiry as he deems fit, pass an order computing the input tax in accordance with the provisions of the Ordinance and rules made thereunder. A copy of the order so passed shall be served to the dealer.
(c) If the assessing authority fails to pass the appropriate order under sub clause (a) or sub clause(b) within prescribed period, the Joint Commissioner (executive) if he is satisfied that the sufficient reasons exist, may permit the assessing authority in general or in specific case to pass the order beyond the period of four month but before the last date prescribed for filing the return of the tax period in which claim of first installment of input tax credit is due.
(5) In respect of clauses (a) and (b ) of sub-rule (2),(a) If the assessing authority is satisfied that information furnished is correct and complete, he shall, before expiry of one months from the last date prescribed for submitting the inventory as provided under clause (a) or clause (b) of sub-rule (2), pass an order computing the reverse input tax in accordance with the provisions of the Act and these rules. A copy of the order so passed shall be served to the dealer.
(b) If the assessing authority, on the basis of the material available on the record, is satisfied that information furnished is incorrect and incomplete or not worthy of credence, he shall, after giving a reasonable opportunity of being heard and making such enquiry as he deems fit, pass an order computing the input tax credit in accordance with the provisions of the Act and these rules. A copy of the order so passed shall be served to the dealer before expiry of last date prescribed for claiming the first installment of input tax credit on the stock, in the return of tax period.
(c) If the assessing authority fails to pass the appropriate order under sub clause (a) or sub clause (b) within prescribed period, the dealer may claim the credit of input tax as provided under rule 24. However, if on passing order the claim is not found correct or claim is found for less amount, the dealer shall deposit the claim of excess amount of input tax credit along with interest provided under section 14 of the Act.furnished is incorrect and incomplete or not worthy of credence, or no inventory has been submitted, he shall,after giving a reasonable opportunity of being heard and making such enquiry as he deems fit, pass an order computing the reverse input tax in accordance with the provisions of the Act and these rules. A copy of the order so passed shall be served to the dealer.(c) The assessing authority shall debit the amount of reverse input tax in the account of input tax credit and if the account of input tax credit shows nil or negative figure, he shall serve notice of demand along with the order of reverse input tax credit passed under clause (a) or (b) and shall realize the amount of reverse input tax credit in accordance with the provisions of the Act and these rule.
(6) In respect of clauses (b) of sub-rule (1) and clause (c) of sub-rule (2),-(a) If the assessing authority is satisfied that information furnished is correct and complete, he shall, pass an order computing the input tax credit in accordance with the provisions of the Act and these rules. A copy of the orderso passed shall be served to the dealer before expiry of last date prescribed for claiming the first installment of input tax credit on such stock, in the return of tax period.(b) If the assessing authority, on the basis of the material
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