18 (1) Every dealer shall maintain inventory of goods held by him-

(a) in opening stock on the date from which dealer is liable for payment of tax under the Ordinance;

(b) in closing stock on the last day of every assessment year;

(c) in opening stock on the date on which period of composition under section 6 commences;

(d) in closing stock on the date on which period of composition under section 6 terminates; and

(e) in closing stock on the date of discontinuance 17 of business.

(2) Every manufacturer shall also prepare inventory of goods used in semi-finished goods and finished goods held by him in stocks on the dates given in sub-rule (1).

(3) Inventories prepared under sub-rule (1) in respect of goods held by the dealer in the same form and condition in which those were purchased and inventories prepared under sub-rule (2), in respect of goods used or consumed in manufacture or processing of finished goods and semi-finished goods held by him, shall consists of quantity or measure of goods, their purchase value, amount of input tax.

(4) Inventory of goods purchased from within the State and from outside the State shall be prepared separately.

(5) Amount of input tax in respect of goods held by a dealer who is liable for payment of tax from the date of the commencement of the Ordinance shall be computed in accordance with provisions of rule 19.

(6) The Commissioner may prescribe the Form in which inventories shall be submitted to assessing authority.