52 Claim and grant of set-off in respect of purchases made in the periods commencing on or after the appointed day

52. Claimandgrantofset-offinrespectofpurchasesmade duringany periodcommencingon or afterthe appointedday.

(1)In assessingthe amountoftax payablein respectofanyperiod startingon orafter the appointedday, byaregistereddealer(hereinafter,in this rule, referredto as the claimantdealer) the Commissioner shall subject to the provisions of rule 53, 54, 55, 55B in respectofthe purchasesofgoods made by theclaimantdealer onorafter the appointedday, grant him aset-off ofthe aggregate ofthe followingsums, that istosay,

(a)the sum collectedseparatelyfrom the claimantdealerbythe other registereddealer byway oftax onthe purchases made bythe claimantdealer from the said registereddealer of goods being capital assets and goods the purchasesofwhichare debitedtothe profit andloss accountor,asthe case may be,the tradingaccount,

(b) tax paid in respect of any entry made after theappointedday underthe MaharashtraTaxonthe Entry ofMotor Vehicles into Local Areas Act, 1987, and

(c)the tax paid in respectof any entry made after the appointedday underthe MaharashtraTax on the Entry ofGoodsinto Local Areas Act, 2003.

(d) The purchase tax paid by the claimant dealer under this act

(2)The set-off underthis rule shall not be grantedin regard toany quantumof tax if set-off underrule 51 has been claimedinrespectof thesame quantumoftax orifset-off has been claimedin respectofthe said quantumunderany earlier law.

(3) The Commissionershall, in respectofthe purchasesof drugs specifiedinsub-entry(a)ofentry 29ofscheduleCheld instock atthe close ofbusinessonthe 30th June 2007 bythe claimantdealer, grant him a set-off asper the followingformula,namely,

MaximumRetail PriceX4/104

Providedthat the claimantdealer shall not beentitledtoclaim set-off underthis sub-ruleunlesshe files astock statementwith theregistering authorityinthe format appendedhereto onorbefore the 31st August2007.

Explanation. -For the purposesofthissub-rulemaximumretail price shall mean,

1) the sum ofmaximumretail price and sales tax, where itis separatelychargedinthe invoice;and

2) in any other case, the maximumretail price inclusiveof sales tax.

Format

Details of goods held in stock at the close of business on 30^th June 2007 as specified in sub-entry (a) of entry 29 of schedule C appended to the Maharashtra Value Added Tax Act, 2002.