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The Assam Value Added Tax Rules, 2005.- History
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Body 14. Security to be furnished in certain cases.-

(1) Security or additional security under section 25 may be furnished by a dealer in any of the following manner, namely:-

    (a) by paying the entire amount of such security or additional security direct into the Designated Bank by means of challans; or

    (b) by depositing with the Prescribed Authority who has required the furnishing of security or additional security, Government securities for the amount fixed by the said authority; or

    (c) by depositing with such authority National Savings Certificates issued by the Government of India the face value of which is not less than the amount of security or additional security required, duly pledged in favour of such authority; or

    (d) by furnishing to such authority a guarantee from a bank, approved in this behalf by the said authority, agreeing to pay to the Government, on demand, the amount of security fixed by the said authority.

(2) An application for refund of security under sub-section (9) of section 25 shall be made in Form-7 to the Prescribed Authority to whom the security has been furnished.

(3) On receipt of application under sub-rule (2), if such authority is satisfied about the bona-fide of the application, he shall refund the amount of security furnished or part thereof if such security is not required for the purposes for which it was furnished:

Where the amount of security to be refunded exceeds one lakh rupees but does not exceed three lakh rupees, the Prescribed Authority shall take prior approval of the Deputy Commissioner before sanctioning such refund. The Deputy Commissioner shall communicate his approval ordinarily within twenty-one days of the receipt of the proposal for refund from the Prescribed Authority. Where the amount to be refunded exceeds three lakh rupees, the Prescribed Authority shall send the proposal of refund to the Commissioner directly for his approval before sanctioning such refund. The Commissioner shall accord his approval ordinarily within twenty-one days of the receipt of the proposal for refund from the Prescribed Authority.