(1) Subject to provisions of sub-section (2) of section 62 input tax credit on goods, other than capital goods, held in stock, by a registered dealer, under the repealed Act, at the commencement of the Act, shall be available subject to the following conditions, namely : -

(a) the registered dealer has submitted to the appropriate Assessing Authority,-

(i) statement of such goods, within thirty days of the commencement of the Act in the form as may be notified by the Commissioner, making therein a claim of input tax credit only for that amount which has been charged separately on the invoices and proved to have been paid by the selling dealer; and

(ii) proper certificate(s) in Form ST-XXV prescribed under the repealed Act proving specifically the amount of tax paid.

(b) The registered dealer shall retain documents/ evidence relating to the claim of input tax credit for a period of five years from the date of commencement of the Act and shall provide such document(s)/ evidence to the appropriate Assessing Authority or any other officer appointed under sub-section (1) of section 3 for scrutiny as and when required:

Provided that in respect of goods transferred on consignment or branch transfer basis, the input tax credit shall be allowed only to the extent by which the amount of value added tax paid in the State exceeds four percent.

(2) The appropriate Assessing Authority or the officer appointed under sub-section (1) of section 3 of the Act shall verify the claim made under clause (a) of sub-rule (1) and within sixty days of its filing determine the amount of input tax credit available to the registered dealer. Such credit shall be availed of by the claimant upto 31.3.2006 beginning after four months from the date of commencement of the Act.

(3) No input tax credit shall be admissible in respect of the goods which were purchased from the industrial units exempted from the payment of tax under the repealed Act.