Download Arunachal Pradesh VAT FORM SU-03 As per Rule 29(6) and 32 of the Arunachal Pradesh Goods Tax Rules, 2005 Persons required to furnish security (Section 27 and Section 40)
If the Commissioner is satisfied that the security filed by a person has expired or likely to expire or has otherwise fallen insufficient, he shall serve upon the dealer an Order in Form SU-03 requiring him to renew the security or furnish fresh security or additional security.
Forfeiture of security. (Section 27):
(1) Where the Commissioner proposes to forfeit a security in full or in part, he shall serve upon the person who furnished the security a notice in the Form SN-01. The order for Forfieture of Security shall be in Form SU-01.
(2) Where security was furnished in the form of a mortgage, personal surety bond or a bank guarantee, and the security is forfeited in full or in part, the Commissioner shall in the notice offer the person affected the opportunity to pay the forfeited amount in cash within the time specified in the notice.
(3) If the amount to be forfeited is not deposited in cash pursuant to subrule (2), the Commissioner shall make an application to the Collector to recover the said amount from the person, his surety or guarantor as arrears of land revenue. The Commissioner will furnish to the Collector the names and addresses of the person, his surety or guarantor and the amount to be recovered. Thereupon the Collector shall proceed to recover the amount from the person or his surety, guarantor or from both according to the law for the
recovery of arrears of land revenue.
(4) Where security has been provided in the form of a pledge of goods, the Commissioner may sell the goods pursuant to the procedure in rule 55.
(5) Where the security furnished by the person is forfeited in full or in part, the security shall be realised and the proceeds thereof shall be applied in the following order –
(a) any expenses of the sale and other incidental charges;
(b) payment of the amount of any tax, interest and penalty owed under the Act;
(c) on application made to the Commissioner and upon provision of sufficient proof, paid to the person entitled to the
proceeds of the forfeited security; and
(d) in respect of any surplus, deposited in the Consolidated Fund of Arunachal Pradesh.