Guidelines in pursuance of SRO 151, dated 29th of May-2014
1. SICOP should be registered for the commodities in respect of which sales/purchases are transacted by it.
2. SICOP shall apply before the Assessing Authority concerned requesting for issuance of form VAT-15-C.
3. SICOP shall issue form VAT 15-C to dealers registered in Commercial Taxes Department selling raw material to it for onward sale to SSI Units registered with Commercial Taxes Department.
4. SICOP shall submit utilization/consumption statement of form VAT 15-C forms before applying for fresh form VAT 15-C in the following format.
5. Managing Director SICOP will furnish a list of authorized signatories giving their full particulars and signatures, with at least two specimen signatures duly attested by him.
6. The concerned Assessing Authority having jurisdiction over SICOP will maintain record of forms issued and will issue form VAT 15-C afresh only when the consumption statement of form VAT 15-C already issued is submitted.
7. As and when there is retirement/transfer of authorized signatory, the SICOP must immediately inform the Commercial Taxes Department about such retirement/transfer and specimen signature of new officer duly attested by Managing Director SICOP shall be made available instantly.
8. In case of loss of form VAT 15-C in the custody of SICOP, before issuance to selling dealers, the SICOP shall furnish indemnity bond before the concerned Assessing Authority.
9. In case of loss of form VAT 15-C in the custody of selling dealer, the dealer may obtain a fresh form VAT 15-C from SICOP in lieu of lost form VAT 15-C after due verification.
10. SICOP shall file statement of form VAT 15-C forms utilized after completion of each Tax Period in the office of the Addl. Commissioner Commercial Taxes [Adm.} Jammu/Kashmir.
11. Reconciliation between Commercial Taxes Department and SICOP will be conducted after each quarter on the basis of report and returns filed by SICOP as envisaged under Government Order No.124-Ind of 2014 dated 29.05.2014.
12. On the basis of reconciliation, shortfall of revenue, if any shall be communicated to SICOP which shall arrange to deposit such amount
13. No VAT form 15-C shall be issued to SICOP unless the balance amount is deposited in 0040-Head.
(Zaffar Ahmad Bhat) IAS,
Commissioner Commercial Taxes, J&K