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| R.19 Computation of input tax in respect of goods held in opening stock on the date of commencement of the tax liability U.P. VAT RULES | |
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R.19 Computation of input tax in respect of goods held in opening stock on the date of commencement of the tax liability-
(1) Amount of input tax, in respect of any goods referred to in clause (c) of sub-section (1) of section 13, shall be computed using the equation:
Amount of input tax = (Deemed purchase price of purchase of goods × deemed rate of tax) ÷ 100
Where-
(a) "Deemed purchase price of goods" shall be-
(i) the sale price, where the registered selling dealer has charged any amount as tax, separately on the sale bill or cash memo issued to the dealer, under the Uttar Pradesh Trade Tax Act, 1948;
(ii) the purchase price on which the dealer has deposited tax, himself on purchase of such goods, under the Uttar Pradesh Trade Tax Act, 1948;
(iii) the purchase price where sale of goods, under the Uttar Pradesh Trade Tax Act, 1948, had been liable to tax at the point of sale to consumer and the dealer had purchased such goods without payment of tax after furnishing declaration in Form III-A, prescribed under the Uttar Pradesh Trade Tax Rules, 1948;
(iv) the purchase price where sale or purchase of such goods had been exempt from levy of tax under Section 4 of the Uttar Pradesh Trade Tax Act, 1948;
(v) the purchase price where goods had been purchased without payment of tax from units enjoying exemption from payment of tax under any of the provision of the Uttar Pradesh Trade Tax Act, 1948;
(vi) seventy five percent of the purchase price of goods where-
(a) the dealer had purchased such goods from a registered dealer from within the State; and
(b) selling dealer has not charged separately any amount as trade tax under the Uttar Pradesh Trade Tax Act, 1948.
(b) "Deemed rate of tax" shall be:
(i) rate of tax at which tax had been –
(a) charged and shown separately on the sale invoice issued by the selling dealer; or the rate of tax provided under section 4 of the Act, which ever is lower or
(b) paid by the dealer on purchase of goods under the provisions of the Uttar Pradesh Trade Tax Act, 1948;or the rate of tax provided under section 4of the Act, which ever is lower
(ii) rate of tax prescribed under section 3-A or section 3-D of the Uttar Pradesh Trade Tax Act, 1948 where goods have been purchased from a registered dealer and sale bill or cash memo does not show separately amount of trade tax or the rate of tax provided under section 4 of the Act which ever is lower
(iii) nil in all other cases.
Explanation: Deemed rate under this rule shall not include one percent Development Tax paid or payable under section 3H of the Uttar Pradesh Trade Tax Act 1948
(2) Amount of input tax, in respect of any goods referred to in clause (d) of sub-section (1) of section 13 in case where tax has not been charged separately by the registered dealer in sale invoice, shall be computed using the equation:
Amount of input tax = (amount of sale price of goods x applicable rate of tax) ÷
(100 + applicable rate of tax)
Where-
(a) the amount of sale price of goods is the sale price of goods shown on sale invoice
(i) bearing full name and complete address of the purchasing dealer; and
(ii) has been issued by the registered selling dealer;
(b) “applicable rate of tax” means the rate of tax provided by or under section 4.
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Amit R Gupta
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