12. Declaration of Opening Stock

(1) Every dealer holding stock of any goods, as on the Appointed Day with the commencement of the Act, shall furnish to the prescribed authority, the details of such stock in Form JVAT 114 within such time as prescribed under sub-rule (1) of rule 3.

(2) Such dealer holding stock of any goods, whether for resale or to consume such stock in the manufacture of taxable goods or for directly use in Mining, shall declare his closing stock, which have been purchased under the Repealed Act and taxes has been paid under the Repealed Act from 01.04.2005 to Appointed day and shall be valued, exclusive of tax paid under the Repealed Act. Such stocks shall be the value of stock, and the amount of tax paid from 01.04.2005 to Appointed day, shall be shown separately.

(3) If a dealer required to furnish the declaration in Form JVAT 114 fails to furnish the details of opening stock as required under sub-rule (1), he shall not be entitled to input tax credit on the opening stock under Section 20 of the Act.