Download Maharashtra Vat Form-506

Download Maharashtra VAT FORM-506 of the Maharashtra Value Added Tax Rule, 2005

As per Maharashtra VAT Rule 55

SECTION55. Condition  for  grant  of  set- off  or  refund  and   adjustment  of drawback, set-off  in certain circumstances

(1) No set-off  or refund under these  rules  shall  be granted to a dealer  in  respect of any amount of tax  recovered from  him  on  the purchase of  any  goods  or paid  by him  or in respect of entry  of any goods,a€”

1[(a)  unless the  goods  are purchased or entry  is effected  on or after  the  1st April of the  year  in which the  dealer  has  obtained registration  and,a€”

(1) the  goods  are  treated as  capital assets   by  the dealer  and  have  not  been sold  before  the  date of effect  of registration, or

  (2) the  goods  are  not  treated as  capital assets  and have  not  been  sold  or disposed of before  the  date  of effect  of registration,  or

(3) the  goods  are  not  treated as  capital assets  and have  been  used  or consumed  in  manufacture  and  the manufactured  goods  have  not been  sold  before  the  date  of effect  of  registration, or

(4) the dealer  was  a registered dealer  at  the  time  of such  purchase or entry

  (b) unless such  dealer  has,a€”

(i) maintained a true  account in chronological order of all  the  purchases of goods  made  by him  on  or after  the appointed  day,  showing the  following details:a€”

(A) the date  on which the  goods  were  purchased;

(B) the   name   of   the   selling   dealer   and   his  registration certificate number, if registered, from whom the goods  are purchased, and  the  description of the goods;

(C) the number of the  tax  invoice   under which they  were  purchased;

(D) the purchase price  of the  goods;

(E) 2[the amount of tax], if any, recovered from him  by the  selling  dealer;

(ii) in the  case  of goods  in respect of the  purchase of which  tax has  been [recovered from the  claimant dealer  or is payable by  him  as  purchase  tax under an  earlier   law, maintained a  true  account in  chronological order of  the goods  so purchased and  held  by him  on the  appointed day, which shall  show  the  particulars mentioned at  (A) to (E) above,  and  the  amount of tax  recovered under each  of the earlier laws  separately.

       (2) The  claimant dealer  shall,  if so required, produce before  the Commissioner the original bill/invoice/cash memorandum  relating to each  purchase in respect of which the  claim  for set-off  has  been  made in respect of any  purchase made before  the  appointed day,  and  a tax invoice  in  respect of any  purchase made after  the  appointed day.

3[(3) (a)  Where  a  dealer   has  filed  a  return in  respect of  any period  contained in  a year,  then  he  may,  subject to the  other provisions of these  rules,  adjust  the aggregate  of

(i) any payment made  in respect of the  said  period before  filing  of the  said return,

(ii) the total  value  of the  tax  deduction certificates received by him  in that period, 3a[***]

3b[(iiA) the total value of the collection certificate received by him in that period, and]

(iii)  t he amount adjustable by way of refund adjustment order issued  in respect of that  period.

4[(iv) set-off or refund to which the dealer has  become entitled in the  said  period.

                    (v) deposit paid  towards voluntary registration.]

(A)   against the  tax payable according to the  said return, or

(B)   against  the  tax  payable according  to  the return for  the  said period   filed  by  him  under the Central Sales  Tax  Act,  1956,  or

(C)   against  the  tax  payable according  to  the return which may  be  due or  may  become  due  under the  Maharashtra Tax  on  Entry  of  Goods into  Local Areas  Act,  2003.

    (b) If after  making  adjustment, if any,  as provided in clause (a),  there  be any  excess, then the  dealer may  claim  refund of the excess  or  part  of excess  in accordance with  the  rules,  or  carry forward  the  same  for adjustment towards the  tax payable as per the  returns to be filed  for  any  subsequent period  contained in the said  year  under the  Maharashtra  Value  Added Tax  Act,  2002,  the Central Sales Tax  Act,  1956  or the  Maharashtra Tax  on  the  Entry of Goods  into  Local  Areas Act,  2003.]

(4) Where  a notice  under sub-section (4) of section 32 or, as the case  may  be,  a  notice under the  corresponding provisions of  any earlier law  has  been  issued  for the payment of any  sum  by a dealer  or the  dealer has  filed  any  return or revised return without full  payment of tax and  who  is entitled to  a refund under these  rules or, as the  case may be,  under any  earlier  law,  the  amount so due  by way  of refund, shall  first  be applied towards the  recovery  of  the  amount in respect of which such  notice  has  been  issued  or towards the  payment of the  said tax  and  the balance amount, if any,  shall  thereafter be  claimed as refund.

(5) Where  the  claimant dealer  is unable to identify the  goods purchased with  the goods  resold   or  with  the  goods  used  in  the manufacture of goods  or in the packing of goods,  it shall  be presumed for the  purpose of reduction or disallowance of set-off  that  the  goods so purchased  have  been  used  or consumed in  the chronological order in which they  were  acquired whether before  or after  appointed day.

(6) Set-off  of the  tax  paid  under the  Maharashtra Tax  on Entry of  Motor Vehicles  into the  Local  Areas  Act,  1987  and  of the  tax  paid under the  Maharashtra Tax  on Entry  of Goods  into  the  Local  Areas Act,  2002  in  respect of any  goods  shall  be granted to a dealer  as if such  tax  is a tax  levied under this  Act or, as the  case may  be,  under any  earlier  law and  all of  the  provisions of these  rules  including those relating to reduction in set-off  and non-admissibility of set-off  shall mutatismutandis apply accordingly.

5[(7)  Where  a registered dealer  liable  to pay  tax under this  Act, (i)  dies  and  the business in  which the  dealer was  engaged

             is continued after  his  death, by any  person or persons,

(ii) transfers or otherwise disposes of his  business in whole or  in  part  or  effects any  change   in  the  ownership thereof, in consequence  of which he  issucceeded in the  business or  part thereof, by any  other  person,

        then  the  person succeeding shall  be entitled to take  credit  of any set-off  that  iscarried forward, if any,  at  the  time  of the  said  death, transfer,  disposal  or change

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