(1) The declaration referred to in the entry against serial number (53) of Schedule 'B' appended to the Act shall be self declaration by the selling dealer in Form VAT-XXXIII, or self declaration by purchasing dealer in Form VATXXXIV. The same shall be made in duplicate.

(2) The declaration under sub-rule (1) above shall be furnished by the selling dealer or the purchasing dealer to their Assessing Authorities alongwith their quarterly return. The declaration shall be complete in all respects before it is submitted with the return.

(3) Duplicate copies of the declaration shall be retained by the dealers for their record.

(4) A single declaration in Form VAT-XXXIII or Form VAT-XXXIV may cover more than one transaction if such transactions are made within a quarter. The declaration shall also contain details such as, serial number, date of tax invoice, amount of sales or purchases, name, address and TIN of the selling dealer or the purchasing dealer, as the case may be. The Form VAT-XXXIII shall contain details of sales effected to the purchasing dealer and Form VAT-XXXIV shall contain details of purchases made from the selling dealer.

(5) The Assessing Authority shall upon receipt of such return/declaration, cross verify the contents of Form VAT-XXXIII and Form VAT-XXXIV or vice versa so as to ascertain the correctness of the transactions covered therein, and if any incorrect information is observed therein, the same shall be assessed to tax for differential amount. The input tax credit claimed by the purchasing dealer shall be disallowed.

(6) If no such declaration in Form VAT--XXXIII or Form VAT-XXXIV is submitted by the selling dealer or the purchasing dealer, as the case may be, alongwith the quarterly returns, then, the dealer shall not be eligible for claiming the concessional rate of tax on industrial inputs under Entry at Serial Number (53) of Schedule 'B' to the Act.