Vat Actupdated - RS Goyal & Associates

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(1A)
(1B)
which is in excess of 4 percent of the purchase price, net of input tax, of
such goods;
(b) Where a dealer makes an application for grant of a registration certificate under
clause (a) or clause (b) of sub-section (2) of section 17 on or after the
commencement of the Act, he shall, in respect of goods specified in Schedule II
other than those specified in part III of the said Schedule, purchased, on or after
such commencement, by him within the State of Madhya Pradesh from another
such dealer after payment to him input tax and held in stock by him on the date
of validity of the registration certificate issued to him under clause (a) or clause
(b) of sub-section (2) of section 17, claim or be allowed input tax rebate of the
amount of such tax in accordance with the provisions of clause (a) above.
3/4 (c) Where a registered dealer who has opted for composition under section
11 for a year, does not opt for composition in subsequent year, he shall
claim or be allowed input tax rebate in respect of the goods held in stock
on the date of commencement of the subsequent year in accordance with
the provisions of clause (a) above.
(d) Notwithstanding anything contained in clause (a), where the goods
purchased within the State of Madhya Pradesh by canteen stores
department, registered under the Act, from a registered dealer after
payment to him input tax, are sold as canteen stores by the canteen
stores department to serving military personnel and ex-servicemen
directly or through regimental or unit run canteens, the canteen stores
department shall claim or be allowed in such manner and within such
period as may be prescribed, input tax rebate of the amount of such input
tax, which is in excess of 4 percent of the purchase price, net of input tax,
of such goods . 3/4
20 (e) Notwithstanding anything contained in clause (a), Where a dealer,
who is a builder and developer carrying on the business of
constructing residential and / or commercial buildings, makes an
application for grant of a registration certificate under clause (a) of
sub-section (2) of section 17 after the prescribed period but before
31st March, 2008, he shall, in respect of goods specified in Schedule
II other than those specified in part III of the said Schedule,
purchased, on or after date of liability, by him within the State of
Madhya Pradesh from a registered dealer after payment to him input
tax, claim or be allowed input tax rebate of the amount of such tax in
accordance with the provisions of clause (a) above. 20
Subject to such restrictions and conditions as may be prescribed, where a
registered dealer purchases natural gas as specified in Part III of Schedule II
within the State of Madhya Pradesh from another such dealer after payment
to him input tax and consumes the natural gas so purchased in generation
of electrical energy, he shall claim or be allowed in such manner and within
such period as may be prescribed, input tax rebate of the amount of such
input tax which is in excess of 5 percent of the purchase price, net of input
tax, of such natural gas. 20
Subject to such restrictions and conditions as may be prescribed, where a registered
dealer sells the goods as may be notified by the State Government, and the dealer
consumes the goods purchased by him within the State of Madhya Pradesh from another
such dealer after payment to him input tax, in the manufacture of such notified goods, he
shall claim or be allowed in such manner and within such period as may be prescribed,