Input tax credit or input tax rebate on the stock of goods, in case of dealers registered under the Act after the appointed day, as on the date of incurring liability to pay tax under the Act.

21. (1) Subject to sub-rule (6) and sub-rule (7), input tax credit or input tax rebate shall be available on opening stock of goods, other than capital goods, held on the appointed day by a registered dealer other than a shipper of jute, an auctioneer, a broker, or any other agent, and purchased on or after the 1st April, 2004, for the purpose of manufacture, resale or execution of works contract or for making transfer otherwise than by way of sale subject to sub-section (7) of section 22:

Provided that goods for which no price has been paid or is payable or which have not been purchased from and within West Bengal, shall be excluded from the opening stock. Provided further that for ascertaining the value of opening stock of semi-finished goods or work in progress or finished goods, of a manufacturer, accepted method of accounting shall be followed by a dealer and the appropriate assessing authority has to be satisfied that there is consistency in the method of determination of valuation by such dealer:

Provided also that if stock of goods of a dealer includes any stock of goods lying with the branch office or any agent outside the State of West Bengal, the dealer shall not be entitled to input tax credit or input tax rebate on such stock of goods which is lying with such branch or agent.

(2) Notwithstanding anything contained in sub-rule (1), input tax credit or input tax rebate will be available only on stock of those goods that suffered any kind of tax under section 12, section 13, section 16, section 16A, section 16B, or section 17 of the West Bengal Sales Tax Act, 1994 (West Ben. Act XLIX of 1994) prior to the appointed day and are taxable under the Act.

(3) The claim for input tax credit or input tax rebate shall be supported by proof regarding payment of tax by the purchasing dealer:

Provided that if the registered dealer fails to adduce any proof, to the satisfaction of the appropriate assessing officer regarding payment of tax at the time of purchase, input tax credit or input tax rebate shall be calculated, on eighty per centum of the aggregate of purchase price of the stock of goods calculated for individual basic tax rates where such individual basic tax rates were less than or equal to ten per centum, or on seventy per centum of the aggregate of purchase price of the stock of goods calculated for individual basic tax rates where such basic individual tax rates were above ten per centum:

Provided further that if the goods lying in stock of a registered dealer were purchased from another dealer who, at the time of such sale, had been enjoying deferment, exemption or remission, input tax credit or input tax rebate shall be calculated on the basis as referred to in the first proviso.

(4) A registered dealer intending to enjoy input tax credit or input tax rebate on stock of goods lying on the appointed day, shall, within thirty days from the appointed day, submit to the appropriate assessing authority, a statement giving-

(a) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill shows the tax separately;

(b) list of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill does not show the tax separately; and

(c) a break-up of semi-finished goods and finished goods lying in the stock of a manufacturer and the value of raw materials and consumable stores used for manufacturing such semi-finished or finished goods, as the case may be, in the following format:

STATEMENT OF STOCK OF GOODS AS ON 1ST APRIL, 2005.

Name of the dealer :

Address :

Registration Certificate No.:

[Under the West Bengal

Value Added Tax Act, 2003].

(a) Statement of goods other than semi-finished goods and finished goods of a

manufacturer lying in stock, where purchase invoice or bill shows the tax

separately.

Table

Rate of

Tax under the west Bengal Sales Tax Act, 1994 on the items specified in column (3)

Serial No.

Item

Name

and address

of

the

selling dealer

Registration Certificate No.

(if any )

of the

selling

dealer

Invoice/

Bill No. With

the date

of the selling dealer

Quantity/

Number

lying

In Stock

Purchased value (excluding

tax,

surcharge

addl.

Surcharge

and

eligible

Turnover

Tax,

if any)

of the

qty/ no

lying

in stock

(Rs.)

Aggregate

Purchase

Price for individual

Tax rates

[sub total]

Input tax

Credit /

input tax

rebate

claimed

[tax

+surcharge +Adll.

Surchare

+Aligible

Turn over

Tax if any

 

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

 

@ 1%

 

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

 

@ 2%

 

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 3%

 

 

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 4%

 

 

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 4.55%

 

 

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 4.80%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 5%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 7%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 8%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 10%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 12%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 12.5%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 15%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 17%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@ 20%

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

@

(i)

(ii)

(iii)

 

 

 

 

 

 

 

 

(b) Statement of goods other than semi-finished goods and finished goods of a manufacturer lying in stock, where purchase invoice or bill does not show the tax separately.

 

Rate of tax under the west Bengal Sales Tax Act 1994 on the item specified in column (3) Serial No. Item Name and Address of the selling dialer 

Registration Certificate No. ( if any,) of the selling dealer

 

Invoice/ Bill No. With date of  Selling Dealer

 

 Quantiy/  Number laying in stock Purchase Value of the quantity/ Number lying in stock

Aggregate Purchase price for individual Tax rate

 

70%/80% of the Amount specified in column (9)

 

 Input tax credit / input tax rebate claimed
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
@ 1%                    
@ 2%                    
@ 3%                    
@ 4%                    
@ 4.55%                    
@ 4.80                    
@ 5%                    
@ 7%                    
@ 8%                    
@ 10%                    
@12%                    
@ 15%                    
@ 17%                    
@ 20%                    
@                    
@                    
@                    
@                    
 
                                                                                                                                                                                                             Total
 

(c) Break-up of value of semi-finished goods and finished goods of a manufacturer.

 

Raw materials consumed

Consumable

Stores consumed

Others if any

Direct Labour

Overhead

Total

 

Purchase from west Bengal

Purchase from outside west Bengal

Purchase of west Bengal

Purchase from outside west Bengal

 

 

 

 

 

Tax charged

Tax not charged

 

 

 

 

 

 

 

 

 

 

 

 

 

Certified that the details given above are true to the best of my knowledge.

                                                                                                                                  Signature ____________________

                                                                                                                                  Name : ______________________

                                                                                                                                  Status : ______________________

(5) Where the value of goods declared in the statement referred to in sub-rule (4), exceeds, twenty lakh rupees in case of a reseller or, ten lakh rupees in case of a manufacturer or works contractor, the same should be certified by a practicing Chartered Accountant enrolled as a member of the Institute of Chartered Accountants of India.

(6) No input tax credit or input tax rebate shall be available to a registered dealer on the stock of goods for which a statement as referred to in sub-rule (4) has not been filed, within the first quarter of the year commencing on and from the appointed day.

(7) The appropriate assessing authority, shall within forty-five days from the expiry of thirty days as referred to in sub-rule (4), make an order determining the amount of input tax credit or input tax rebate that the dealer is entitled to enjoy upon such stock of goods and shall communicate the same to such dealer within fifteen days from the date of such order:

Provided that where the statement referred to in sub-rule (4) is submitted by the registered dealer to the appropriate assessing authority after the expiry of the thirty days as provided in the said sub-rule but within the first quarter of the year commencing from the appointed day, such assessing authority shall, within a period of sixty days from the date of receipt of such statement, make an order determining the amount of input tax credit or input tax rebate which the dealer is entitled to enjoy upon such stock of goods and such order shall be communicated to such dealer within fifteen days from the date of such order.

(8) Input tax credit or input tax rebate shall be allowed on opening stock, as referred to in sub-rule (1), in six equal monthly instalments from the first day of the quarter following the expiry of the preceding quarter commencing on the appointed day:

Provided that a registered dealer who has submitted the statement referred to in subrule (4) after the expiry of thirty days but within the quarter of the year commencing from the appointed day, such assessing authority, shall be entitled to enjoy input tax credit or input tax rebate on the opening stock of goods only upon receipt of the communication from the appropriate assessing authority in this behalf as referred to in the proviso to subrule (7).

(9) If any stock of goods eligible for input tax credit or input tax rebate under subrule (1) is sold by the registered dealer within the first three months, the tax invoice evidencing sale of such goods shall also be preserved by such dealer for inspection and verification by the appropriate assessing authority or any other authority appointed under sub-section (1) of section 6.

(10) No input tax credit or input tax rebate shall be available on tax paid or payable on hire charges accrued on or after the appointed day on goods acquired by a dealer on hire purchase before the appointed day.

Explanation.- For the purpose of this rule,-

(a) opening stock of goods for a manufacturer shall include stock of raw materials consumable stores, semi-finished goods or work in progress, finished goods and packing materials of finished goods;

(b) tax rate to be considered for credit or rebate will be the actual rate at which tax was paid or payable at the time of purchase of the goods irrespective of the rate under the Act.