23. Tax Return when business is discontinued.-

(1) A registered dealer who discontinues his business in the course of a year, shall submit a final tax return in Form - I disclosing the turnover for that year up to the date of discontinuance and pay the tax due thereon.

(2) Such dealer shall include in his tax return, the stock of goods and the capital goods, if any, held by him at the time of discontinuance, as deemed sale and shall also pay the tax due thereon.

(3) Such tax return shall be filed within a month from the date of discontinuance of his business along with the proof of payment of tax due thereon.

(4) If any amount to be due from the dealer towards the assessment, the assessing authority shall serve upon the dealer a notice in Form - O and the dealer shall pay the sum demanded at the time and in the manner specified in the notice.

(5) Such dealer shall surrender the registration certificates and permits, unused statutory forms, if any, to his assessing authority, along with the final tax return in Form -I.