(i) the Jurisdictional Assessing Authority having jurisdiction over the SICOP shall issue form VAT-15-C duly sealed and signed to SICOP who in turn shall furnish it to the registered dealer, from whom SICOP shall purchase the raw material in turn to be sold to Industrial Units registered with the Department of Industries & Commerce / Directorate of Handicrafts/Handlooms/ and also with the Department of Commercial Taxes.

ii) The registered dealer from whom SICOP purchases raw material against form VAT 15-C, shall submit copy of Form VAT 15-C alongwith his quarterly returns in lieu of tax due on such transactions.

(iii) The SICOP shall in the first instance deposit an amount in advance in major head 0040-Sales Tax. The SICOP shall issue form VAT 15-C for each transaction and the amount of tax mentioned therein shall be debited against the advance tax by the jurisdictional Assessing Authority when such form is submitted by the registered dealer alongwith returns due. The form VAT 15-C so submitted shall be deemed as cash payment.

(iv) The jurisdictional Assessing Authority on receipt of VAT 15-C shall inform Additional Commissioner Commercial Taxes (Adm.) of the concerned division, who shall maintain proper account of such payments and shall immediately, inform SICOP as and when advance tax exhausts.

(v) The Commissioner Commercial Taxes shall assign amount to each division after advance tax is deposited by SICOP to maintain proper account in each division.

(vi) To maintain the VAT -chain, Commissioner Commercial Taxes, J&K shall notify the procedure in accordance with the notification to be issued by the Industries & Commerce Department.