REGISTRATION
9.4 Time
limit for furnishing a fresh surety bond
Where the security furnished by a dealer is in the
form of a surety bond and the surety becomes insolvent or is otherwise
incapacitated or dies or withdraws, the dealer shall, within thirty days of the
occurrence of any of the aforesaid events, inform the authority granting the
certificate of registration and shall within ninety days of such occurrence
furnish a fresh surety bond or furnish in the prescribed manner other security
for the amount of the bond.
9.5 Forfeiture
of Security
The assessing authority may, by order and for good
and sufficient cause, forfeit the whole or any part of the security furnished
by a dealer –
a)
for realising any amount payable by the dealer
under this Act; or
b)
if the dealer is found to have misused any of
the forms referred to in section 12(1) or to have failed to keep them in proper
custody or to have failed to furnish information in respect of their use or
surrender them as prescribed.
However no order shall be passed without giving
the dealer a reasonable opportunity of being heard.
Note:
The security furnished under section 31(6) shall be forfeited, if the payment
of the amount due on account of advance tax, penalty or interest imposed is not
made within the time allowed for the payment thereof.
9.6 Insufficient amount of security
Where by
reason of an order under section 12(5), the security furnished by any dealer is
rendered insufficient, he shall make up the deficiency within a period of
fifteen days from the date of intimation in any of the ways mentioned below:-
a)
cash deposit in the Government Treasury under
head "0040-Tax on Sales, Trade etc."
b)
post office
saving bank account, the account being pledged to the Commissioner or any office r authorised by him in writing in this behalf;
c)
bank guarantee from a Scheduled Bank agreeing to
pay to the State Government on demand the amount of security;
d)
personal bond with solvent surety /sureties for
the amount of security to the satisfaction of the authority before whom it is
required to be furnished under these rules, which shall be in Form VAT-B2 on a
non-judicial; paper of the appropriate value; and
e)
such saving certificates or bonds or fixed
deposit receipts as are issued by the Government of India, the State
Government, or Reserve Bank of India or Scheduled Bank, from time to time, to
be pledged to the Commissioner or any other office r
authorised by him in this behalf.
9.7 Aftermath
of non-compliances by Dealer
If a dealer fails to comply, with an order under
section 12(1) or section 12(2), or with the provisions of section 12(4) or
section 12(6), the prescribed authority, may, after affording the dealer a
reasonable opportunity of being heard, order -
(a)
that no form referred to in section 12(1) shall
be issued to him or authenticated until the dealer has complied with such
orders or such provisions, as the case may be; or
(b)
the rejection of the application for
registration, or if the dealer is already registered under this Act,
cancellation of his registration certificate, as the case may be, and in the
event of rejection of application for registration, the dealer shall be deemed
to have failed to apply for registration for the purposes of section 16.
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10. INFORMATION
TO BE FURNISHED REGARDING CHANGE OF BUSINESS ETC.
If any dealer to whom the provisions of section14
(2) apply
(a)
sells, transfers or otherwise disposes of or
discontinues his business;
(b)
sells, transfers or otherwise disposes of or
discontinues his place(s) of business or opens new place(s) of business;
(c)
changes the name, constitution or nature of his
business including change in the goods traded or manufactured or used in
business or manufacture; or
(d)
appoints an authorised agent, he shall within 30
days of the arising of the contingency necessitating the furnishing of the
information inform the assessing authority accordingly, and if any dealer dies,
his legal representative shall in like manner inform the said authority.
However if a dealer fails to inform of the change
as required under the foregoing provision having the effect of transferring the
liability to pay tax on another person, then, notwithstanding the change, any
tax which such person has become liable to pay after the change has taken
place, may be recovered as if no change has taken place. This would not
discharge the transferee or the succeeding dealer as a result of change, of his
liability to tax.
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