Saawariya & Co.

R.20 Submission of inventories U.P. VAT RULES

R.20 Submission of inventories-

(1) Every dealer shall submit, to his assessing authority a copy ofinventories 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 Act , where the dealer is liable for payment of tax from such date, within thirty days from the date of the commencement of the Act.

(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 Act, along with application for registration and;

(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 inventoriesprepared 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 inventoriesprepared 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, fall.

(3) Every dealer shall furnish the inventories as provided above in the form prescribed by the Commissioner.

(4) In respect of clause-(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, pass an order computing the input tax in accordance with the provisions of the Act 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 Act and rules. 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) of this sub rule 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.`

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