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73 Tansitory provisions M.P. ACT

73 Tansitory provisions

(1)Where a registered dealer holds the stock of any goods specified in schedule II on the date of commencement of this Act, he shall furnish the particulars thereof in such form within such period, in such manner and to such authority as may be prescribed.

(2) Where any goods specified in schedule II of this Act other than those specified in part III of the said Schedule purchased on or after 1st April, 2004 and held in stock by registered dealer on the date of commencement of this Act are tax paid goods within the meaning of the Act repealed by this Act, and are for sale by him on or after the said date within the State of Madhya Pradesh or in the course of inter-State trade or commerce, he shall claim or be allowed in respect of such goods , in such manner and within such period as may be prescribed, an input tax rebate ,-

(i) at the rate as the State Government may, by notification, specify, if such goods are for sale within the

State; and

(ii) at the rate specified in sub-section (1) of Section 8 of the Central Sales Tax Act 1956 (No. 74 0f 1956) or the rate as the State

Government may, by notification, specify, whichever is lower, if such goods are for sale in the course of inter-State trade or

commerce.

(3)(a) where any goods specified in schedule II of this Act held in stock by a registered dealer, on the date of commencement of this Act, are goods manufactured out of tax-paid goods other than those specified in part III of the said Schedule consumed or used as raw material or used as packing material or used as explosives in mining and are explosives consumed in mining, of any goods specified in schedule II, for sale in the State of Madhya Pradesh or in the course of inter-State trade or commerce on or after the said date, such dealer shall claim or be allowed in such manner and within such period as may be prescribed, an input tax rebate in respect of such tax paid goods, at the rate as the State Government may, by notification, specify

(b) where any goods specified in schedule II other than those specified in part III of the said Schedule purchased on or after 1st April, 2004 and held in stock on the date of commencement of this Act are tax paid goods for consumption or use as raw material for/in the manufacture or processing or mining of or for use as packing material in packing of or for use as explosives in mining of, any goods specified in schedule II, for sale by him in the State of Madhya Pradesh or in the course of inter-State trade or commerce such dealer shall claim or be allowed, in such manner and within such period as may be prescribed, an input tax rebate at the rate as the State Government may, by notification, specify

(4) The sale of goods specified in part III of Schedule II of this Act which are in the nature of tax paid goods, on or after the said date shall not be liable to tax under this Act.

(5) the provisions of Sub-section (5) of Section 14 shall apply to input tax rebate that may be claimed or allowed under sub-sections (2) and (3).

(6) No input tax rebate under this section shall be claimed or be allowed to a registered dealer who opts for composition under section 11..

(7) Input tax rebate under this section shall be allowed only after determination by Commissioner in such manner and with in such time as may be prescribed.

Explanation - For the purpose of this Section the expressions "raw material" and "taxpaid goods" shall have the meaning assigned to them in clauses (r) and (x), respectively, of section 2 of the Act repealed by this Act.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

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The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .