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| 52. Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day. M. VAT RULES | |||||||||||||||||||||||||||||||
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52. Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day. –
(1) In assessing the amount of tax payable in respect of any period starting on or after the appointed day, by a registered dealer (hereinafter, in this rule, referred to as “ the claimant dealer”) the Commissioner shall in respect of the purchases of goods made by the claimant dealer on or after the appointed day, grant him a set-off of the aggregate of the following sums, that is to say,-
(a)the sum collected separately from the claimant dealer by the other registered dealer by way of sales tax on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and goods the purchases of which are debited to the profit and loss account, trading goods, raw materials, parts, components, spares, packing materials and fuel,
( For the above sub-rule(1) clause (a) the following clause (a) is substituted w.e.f. 01.04.2005 by Notification No. STR-1506/CR-38/Taxation-1 Dt. 08.09.2006)
(a) the sum collected separately from the claimant dealer by the other registered dealer by way of tax on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and goods the purchases of which are debited to the profit and loss account or, as the case may be, the trading account
(b) tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987, and
(c) the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003.
(2) The set-off under this rule shall not be granted in regard to any quantum of tax if set-off under rule 51 has been claimed in respect of the same quantum of tax or if set-off has been claimed in respect of the said quantum under any earlier law.
(3) The Commissioner shall, in respect of the purchases of drugs specified in sub-entry (a) of entry 29 of schedule ‘C’ held in stock at the close of business on the 30th June 2007 by the claimant dealer, grant him a set-off as per the following formula, namely,-
Maximum Retail price X 4 / 104
Provided that the claimant dealer shall not be entitled to claim set-off under this sub-rule unless he files a stock statement with the registering authority in the format appended hereto on or before the 31st August 2007.
Explanation - For the purposes of this sub-rule “maximum retail price” shall mean,-
1) the sum of maximum retail price and sales tax, where it is separately charged in the invoice ; and
2) in any other case, the maximum retail price inclusive of sales tax.”
Format
Details of goods held in stock as at the close of business on 30th June 2007 as specified in sub-entry (a) of entry 29 of schedule ’C’ appended to the Maharashtra Value Added Tax Act, 2002.
( In the above rule 52 after sub-rule (2), sub-rule (3) is inserted by Notification No. VAT 1507/CR-58/Taxation -1 Dt. 11.07.07 )
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