(1) In assessing the amount of tax payable in respect of any period starting on or after the appointed day, by a registered dealer (hereinafter, in this rule, referred to as "the claimant dealer") the Commissioner shall subject to the provisions of rules 53, 54, 55 and 55B in respect of the purchases of goods made by the claimant dealer on or after the appointed day, grant him a set-off of the aggregate of the following sums, that is to say,

-

(a) the sum collected separately from the claimant dealer by the other registered dealer by way of tax on the purchases made by the claimant dealer from the said registered dealer of goods being capital assets and goods the purchases of which are debited to the profit and loss account or, as the case may be, the trading account,

(b) tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Motor Vehicles into Local Areas Act, 1987, and

(c) the tax paid in respect of any entry made after the appointed day under the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2003.

(d) the purchase tax paid by the claimant dealer under this Act.

(2) The set-off under this rule shall not be granted in regard to any quantum of tax if set-off under rule 51 has been claimed in respect of the same quantum of tax or if set-off has been claimed in respect of the said quantum under any earlier law.

(3) The Commissioner shall, in respect of the purchases of drugs specified in sub-entry (a) of entry 29 of Schedule 'C' held in stack at the clsoe of business on the 30th June, 2007 by the claimant dealer, a grant him a set off as per the following formula, namely:-

Provided that the claimant dealer shall not entitled to claim set-off under this sub-rule unless he files a stock statement with the registering authority in the format appended hereto on or before the 31st August, 2007.

Explanation.- For the purposes of this sub-rule "maximum retail price" shall mean,-

(1) the sum of maximum retail price and sales tax, where it is seperately charged in the invoice; and

(2) in any other case, the maximum retail price inclusive of sales tax.

FORMAT

Details of goods held in stock at the close of business on 30th June, 2007 as specified in sub entry (a) of entry 29 of Schedule 'C' appended to the Maharashjtra Value Added Tax Act, 2002.