Download P VAT Form VAT – 11 permission to casual trader security from casual dealer under Punjab value added tax act, 2005
As per Punjab vat Rule 29
(1) The designated officer on receiving application from the casual trader, shall determine the amount of security keeping in view the quantum of business likely to be undertaken by the casual trader. The amount of such security, shall, however not exceed rupees one lac.
(2) Every casual trader shall furnish security for the amount, determined under sub- section (4) of section 31, which shall be in the form of bank guarantee from a local Scheduled bank or in cash against a receipt in Form VAT-10, issued by the designated officer.
(3) On receipt of the application complete in all respects alongwith security, the designated officer, shall record the particulars of the casual trader and maintain the same. If the designated officer is satisfied that the particulars contained in the application are correct and complete, he shall grant permission in triplicate to the casual trader in Form VAT-11. The first two copies of the permission shall be given to the casual trader and the third copy shall be kept in the record :
Provided that if the designated officer is not satisfied that the particulars contained in the application are correct and complete, he shall after affording an opportunity to the casual trader of being heard, reject the application for the reasons to be recorded in writing.
(4) The designated officer at any stage during the currency of the casual business, may, keeping in view the quantum of business undertaken or likely to be undertaken, demand an additional security, if he is satisfied that the security already obtained is in sufficient :
Provided that the total amount of security including the additional security, shall not exceed rupees one lac.