CourtMesh

Section 19: Stock brought forward during transition

The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdfState Act of Meghalaya · Act 2 of 2005

The amount of tax suffered under this Act mentioned in clause (a) on such opening stock, in such manner and subject to such condition and restriction and up to the extent as maybe prescribed, shall be credited to the dealer and can be availed as outstanding credit brought forward in terms of section 13 in the first tax period after the commencement of this Act. Provided that no tax credit under this section shall be allowed unless:-

(a)The dealer has in his possession, sale vouchers issued by a dealer registered under the Meghalaya Finance (Sales Tax) Act against the purchases of the said goods; and

(b)The amount of tax the goods have suffered at the first point is indicated separately on the said vouchers.

(4) No tax credit under sub-section(2) stock for which under sub-section (2) the Commissioner may, after providing the dealer an opportunity of being heard direct him to pay a penalty equal to twice the amount of tax credit so claimed.

(4) If the Commissioner is satisfied that a dealer:

(a) Has claimed tax credit for stock for which he is not entitled for claiming tax credit as per the provisions of sub-section (2) and sub-section (3); or

(b) Has claimed excess tax credit than allowed under sub-section (2) the Commissioner may, after providing the dealer an opportunity of being heard direct him to pay a penalty equal to twice the amount of tax credit so claimed.

Where this provision sits

ActThe Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf
Section19
Marginal noteStock brought forward during transition
JurisdictionState of Meghalaya
StatusIn force as published by the source

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Meghalaya Value Added Tax Act 2003 (Act No.2 of 2005).pdf is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.