Amendment status not verified — confirm the current text below against the official source.
(1) If acertificate of registration is granted at any time after the commencement of registration. this Regulation and- (a)thedealer holdstradhg stock forthe purpose ofsale, or for useas rawmaterials . for the production of trading stock; (b) the dealer has paid input tax on the purchase of the trading stock or raw . materials; (c) the dealer furnishes a statement of its trading stock and raw materials in the prescribed form to the Commissioner; and (df the dealer possesses sufficient proof of the amount of input tax in respect of the purchases, such dealer shall be entitled to a tax credit for the trading stoct or raw materials held by the dealer on the date on which the certificate ofregistration come into force: Provided that the dealer shall claim the entire amount of tax credit to which he is entitled, in a single claim which accompanies the first return furnished by the dealer under this Regulation. (2) For the purposes ofsub-section (I), the amount of the tax credit shall be the least of the following, namely:- (a) theamount ofinput tax disclosed in the proofreferred to in clause ( 4 ofsub- section (I); or (b) the &fraction of the cost ofthe goods; or (c)thelax fraction ofthe fair market value ofthe goodsat the time of registration; or (9 the amount spmified under sub-section (3) ofsection 9. (3) Where the registered dealer specifies in his books ofa&ount the turnover on the basis of amo~nts received and hountspaid, he shall exclude from his turnover- (a) any amount received after he has been granted a certificate of registration in respect of sales made and such amount relates to ihe oeriod during which he had not been granted a certificate of registration under this ~~gulation; an2 @)any amount paid after he is registered in respect of purchases made and such amount relates to the period during which he had not been granted a certificate of registration under this Regulation. SERIES - I No. : 05 DATED laTH AUGUST, 2005,