Amendment status not verified — confirm the current text below against the official source.
(1) Every dealer- 4 of 1964. (a) who has been registered under the Daman and Diu Sales Tax Act, 1964, on or before the commencenlent of this Regulation; and (b) whose turnover, in the year preceding the year in which this Regulation comes into force, exceeds the taxable quantum, shall bedeemed to be registered under this Regulation fiomthe date on which thisXegulation comes into force. (2) The security furnishedby a dealer registered under the Daman and Diu Sales Tax 4 of 1964. Act, 1964,and such security being valid on thedate ofthe commencement ofthis Regulation, shall be deemed to have been furnished under this Regulation and shall be valid under this Regulation for a period of six months from the commencement of this Regulation or till a fresh security as required under sub-section (3) is furnished, whichever is later. (3) Every dealer referred to in sub-section (I) shall, within a period of six months of the commencement of this Regulation,~be required to furnish a fresh security under this Regulation: Provided that the Commissioner may, having regard to the financial position of the dealer and any ,other matter which the Commissioner considers relevant, by notification, exempt a class or classes ofdealers from the requirement offurnishing a fresh security under this sub-section.