(1) If acertificate of registration is granted at any time after the commencement of

1. (1) If acertificate of registration is granted at any time after the commencement of registration. this Regulation and- (a)thedealer holdstradhg stock forthe purpose ofsale, or for useas rawmaterials . for the production of trading stock; (b) the dealer has paid input tax on the purchase of the trading stock or raw . materials; (c) the dealer furnishes a statement of its trading stock and raw materials in the prescribed form to the Commissioner; and (df the dealer possesses sufficient proof of the amount of input tax in respect of the purchases, such dealer shall be entitled to a tax credit for the trading stoct or raw materials held by the dealer on the date on which the certificate ofregistration come into force: Provided that the dealer shall claim the entire amount of tax credit to which he is entitled, in a single claim which accompanies the first return furnished by the dealer under this Regulation. (2) For the purposes ofsub-section (I), the amount of the tax credit shall be the least of the following, namely:- (a) theamount ofinput tax disclosed in the proofreferred to in clause (4 ofsub- section (I); or (b) the &fraction of the cost ofthe goods; or (c)thelax fraction ofthe fair market value ofthe goodsat the time of registration; or (9 the amount spmified under sub-section (3) ofsection 9. (3) Where the registered dealer specifies in his books ofa&ount the turnover on the basis of amo~nts received and hountspaid, he shall exclude from his turnover- (a) any amount received after he has been granted a certificate of registration in respect of sales made and such amount relates to ihe oeriod during which he had not been granted a certificate of registration under this ~~gulation; an2 @)any amount paid after he is registered in respect of purchases made and such amount relates to the period during which he had not been granted a certificate of registration under this Regulation. SERIES - I No. : 05 DATED laTH AUGUST, 2005,

registration. this Regulation and- (a)thedealer holdstradhg stock forthe purpose ofsale, or for useas rawmaterials . for the production of trading stock;

1. (b) the dealer has paid input tax on the purchase of the trading stock or raw . materials;
2. (c) the dealer furnishes a statement of its trading stock and raw materials in the prescribed form to the Commissioner; and (df the dealer possesses sufficient proof of the amount of input tax in respect of the purchases, such dealer shall be entitled to a tax credit for the trading stoct or raw materials held by the dealer on the date on which the certificate ofregistration come into force:

entitled, in a single claim which accompanies the first return furnished by the dealer under this Regulation.

1. (2) For the purposes ofsub-section (I), the amount of the tax credit shall be the least of the following, namely:-
   • (a) theamount ofinput tax disclosed in the proofreferred to in clause (4 ofsub- section (I); or
   • (b) the &fraction of the cost ofthe goods; or (c)thelax fraction ofthe fair market value ofthe goodsat the time of registration; or (9 the amount spmified under sub-section (3) ofsection 9.
2. (3) Where the registered dealer specifies in his books ofa&ount the turnover on the basis of amo~nts received and hountspaid, he shall exclude from his turnover-
   • (a) any amount received after he has been granted a certificate of registration in respect of sales made and such amount relates to ihe oeriod during which he had not been granted a certificate of registration under this ~~gulation; an2 @)any amount paid after he is registered in respect of purchases made and such amount relates to the period during which he had not been granted a certificate of registration under this Regulation. SERIES - I No. : 05 DATED laTH AUGUST, 2005,