(1) An application for grant of installments shall be in Form JVAT 123, and shall be produced before the In-charge of the Circle, and in the case, where such installment has to be granted, by the Additional Commissioner (Administration) of the Division or the Commissioner, the same shall be forwarded by the In-charge of the Circle to the authority mentioned in sub rule 2.

(2) Subject to the provisions of sub-section (5) of Section 43, where it is established that, a dealer is not in a position to make payment of the total demand outstanding against him, under the repealed Act or Acts or under the Act or under the Central Sales Tax Act, 1956, and the Prescribed Authority has reasons to believe that, if an installment is granted, the recovery of such tax is possible, an installment may be granted for a period, not exceeding twelve months from the date of such order, to such dealer,-

(i) by the Commercial Taxes Officer or Assistant Commissioner, In-charge of the Circle, in case the total demand does not exceed Rs. 50,000/-; and

(ii) by the Deputy Commissioner of Commercial Taxes, In-charge of the Circle, in case the total demand does not exceed Rs. 1,00,000/-.

(iii) by the Joint Commissioner of Commercial Taxes, In-charge of the Circle, in case the total demand does not exceed Rs. 10,00,000/-.

(iv) by the Additional Commissioner of Commercial Taxes, Administration of the Division, in case the total demand does not exceed Rs. 25,00,000/-.

(v) by the Commissioner of Commercial Taxes, in case the total demand exceeds Rs. 25,00,000/-

(3) Where the period of twelve months is found insufficient in view of the circumstances of the case, prior permission in writing shall be required from the officers referred to in the this rule, and such officer may extend the time, for a further period of six months.

(4) Where payment of any demand is postponed by installments, in sub-rule (1) and (2) beyond a period of one month, the dealer shall be required to furnish a Security Bond in form JVAT 115 executed with two sureties acceptable to the assessing authority or the officer authorised by the Commissioner for the purpose for the amount of such payment.