51A. Locking of tax identification number (TIN)
If any person, who is registered under section 21 of the punjab value Added Tax Act, 2005, fails to pay any tax, penalty or interest payable under the act or fails to furnish a return or returns or annual statement by the prescribed date or has filed incomplete or incorrect return or has conducted huge transactions as per information Collection Centre data available in the computer system but has not filed corresponding returns or no business at the declared place is being conducted or has failed to comply with the requirements of any notice issued by a designated officer may lock his Tax Identification Number, without prejudice to other actions which may be taken against him under the act or the rules:
Provided that a notice in form VAT-58 shall be issued immediately after locking of the tax Identification Number by the designated officer to the person, informing him about the action taken, alongwith the reasons thereof .The locked Tax Identification Number shall be reopened immediately after the compliance by the concerned person by furnishing evidence of the payment of the Tax, interest and penalty or furnishing of overdue return or returns or annual statement , as the case may be.
In all cases where the Tax Identification Number is locked or reopened, the designated officer shall display the fact in the office notice board and also inform the Commissioner within Twenty Four Hours.
Explanation : "Locking of Tax Identification Number (TIN)" means temporary stoppage of inter-state movement of goods of the concerned person for the purpose of verification or further legal action. |