Cst against "belated" c form

VAT (Legacy) 1744 views 2 replies

CA VIJAYAKUMAR S

107 Points Posted on 27 July 2012

Dear Friends,

Thanks in Advance.

My Query is At the time of CST Sales, it is billed CST without C Form i.e., @ 5% / 13.5% as the case may be.

We will remit to the govt the Tax Collected 5% / 13.5% as the case may be.

After Some time, the buyer gives the C Form to us.. AND get the differential CST (5%-2%) / (13.5%-2%) as a credit note.

Is it possible for us to Claim the Differential CST Paid from the Government?

If yes, what is the procedures to be followed ?

IF No, What we CAN do when we could not get the C Forms from the buyer for invoice raised against C Form..

Replies (2)

Harshal Fifadra

Chartered Accountant

1489 Points Posted on 28 July 2012

Dear vijaykumar No it is not possible to claim differential CST from government ... The differential CST would be treated as excess collection which is payable If you are not receving the C form then you have to the show the relevant details of the same in the relevant annexure of the audit report You must regularly follow your clients for C form ....... Ok...........

RENGARAJ R.K

ADVOCATE

7557 Points Posted on 02 August 2012

If you are able to collect the c forms within the next quarter you can issue the credit note for the excess collection to parties. But from the Government it is payable only at the time of regular assessment. You have to file annual return classifying the taxable turnover with cst and without cst and show the payment as excess. The same excess can be adjusted in the next quarter by intimation to the assessing (VAT) authorities. You are mentioning the rate as 13.5%, in that case the question is for Kerala?