TMI BlogComposition of tax scheme - trading of bullionX X X X Extracts X X X X X X X X Extracts X X X X ..... (TAXES ESTABLISHMENT) DEPARTMNET DELHI SACHIVALAYA, I.P. ESTATE, NEW DELHI-02 NOTIFICATION No.F.3(82)/Fin.(T E)2005-06/1599 Dated: 21/4/2006 No. F.3(82)/Fin.(T E)/2005-06 Whereas the Lt. Governor of the national Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public so to do. Now, therefore, in exercise of the powers c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin Delhi (1)The dealer shall - (a) not purchase goods from a person who is not registered under the Act; (b) not be eligible to claim tax credit under section9, 14 and 15 of the Act; (c) not calculate his net tax under section 11 of the Act; (d) not collect any amount by way of tax under the Act; (e) not be entitled to issue 'Tax Invoices'; (f) continue to retain the original ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay tax at the rates specified in section 4 of the Act on the opening stock of goods, held by him on the first day with effect from which the dealer opts to pay tax under this scheme, where such stock has been purchased with Delhi. (b)The dealer, in view of (a) above, shall furnish, along with his application for opting the scheme, the proof of payment, in form DVAT 20, of tax due as per the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheme. (2) The tax period for the dealers opting to pay tax under this scheme shall be a quarter unless otherwise prescribed by the Commissioner for a dealer or class of dealers. (3) A dealer who has opted to pay tax under this scheme and has defaulted to furnish the returns for two consecutive tax periods by the prescribed due dates shall cease to remain a composition dealer with effect from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the provisions of the Act including the liability to pay tax under section 3 of the act, along with interest due for delay, if any, shall apply mutatis mutandi as if the dealer has never opted for the composition scheme and the amount deposited by such dealer as the composition amount, if any, shall stand forfeited. This notification shall come into force with effect from the 1 st day of M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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