Withdrawal from scheme and cancellation of certificate
Rule 142. Every dealer, other than a dealer executing works contracts, a dealer who is a hotelier or restaurateur or caterer and a dealer producing granite metal by using stone crushing machinery, who has opted to pay tax by way of composition and whose total turnover within a period of four consecutive quarters exceeds the threshold provided for under section 15, shall.-
(1) report to the jurisdictional Local VAT officer or VAT sub-officer byfurnishing a final return in Form VAT 135, accompanied by proof of full payment of the tax in accordance with rule 52, within ten days of the end of the relevant quarter;
(2) surrender his certificate in Form VAT NIC; and
(3) be liable to pay tax under section 3 for the period starting from the first day of the month succeeding the month in which he exceeded the threshold.