DELHI Vat Form DVat 12

Download DELHI VAT Form DVAT 12: Form for Furnishing Security

DELHI VAT Rule 23 Manner in which security may be furnished

(1) The tender of an amount or an asset or the undertaking of a liability as security for any purpose of the Act shall be made in Form DVAT-12.

(2) Subject to sub-rule (3) of this rule, where a person is required or offers to furnish security for any purpose of the Act, the security shall be acceptable only if it is made in any one of the forms listed, unless the Commissioner prescribes a particular form in which the security shall be acceptable:

PROVIDED that security may be offered partly in one form and partly in another.

(3) The security required to be furnished by a person under clause (b) of sub-section (5) of section 61, shall be, at least, 50% in the form specified as item no. 1 of the Table below, and balance may be in any of the form specified in Table below.

(4) A security, which does not meet the conditions specified in Table below, shall not be treated as the furnishing of security for the purposes of the Act.

(5) The security shall be accepted only for the amount prescribed or ordered.

(6) If the security is furnished in any of the forms referred to in items 2 to 7 (inclusive) in the Table below, a document transferring the title to the security shall be executed in the name of the President of India and the transfer recorded and noted in the books of the issuing authority and the person offering the security shall be required to pay Stamp duty and Registration fee as prescribed under the relevant law.

(7) The Commissioner shall maintain a complete account of the securities deposited,

forfeited or refunded in Securities Register in such form and in such manner as the Commissioner 2 deems fit.

Department of Trade and Taxes
Government of NCT of Delhi

Form DVAT 12

[See Rule 23]

Form for furnishing Security

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