non submission of formC
This query is : Resolved
21 July 2021
under E 1 transction what is rate tax for non submission of C form and E1 form,
Ours is Third schedule items attract Full rate of tax is 5.5%
kindly advise
shivanand@app.net.in
Ours is Third schedule items attract Full rate of tax is 5.5%
kindly advise
shivanand@app.net.in
23 July 2021
Rate will be 5.5%
06 July 2024
Under E1 transactions (interstate transactions), the rate of tax applicable for non-submission of C Form and E1 Form depends on the nature of goods and the state-specific tax laws. Here’s how it generally works:
1. C Form:
• C Form is required for interstate sales at a concessional rate of tax. If the purchasing party (in another state) does not provide the C Form to the selling party (in your state), the transaction may attract the full rate of tax applicable in your state.
2. E1 Form:
• E1 Form is also related to interstate sales, specifically for sales against Form E1 for goods falling under the Third Schedule. If the E1 Form is not submitted by the purchasing party, similar implications can arise regarding the tax rate applicability.
Rate of Tax:
• Since your goods fall under the Third Schedule and attract a full rate of tax of 5.5%, this rate will apply if the purchasing party does not provide the necessary C Form or E1 Form as required under interstate sale transactions.
1. C Form:
• C Form is required for interstate sales at a concessional rate of tax. If the purchasing party (in another state) does not provide the C Form to the selling party (in your state), the transaction may attract the full rate of tax applicable in your state.
2. E1 Form:
• E1 Form is also related to interstate sales, specifically for sales against Form E1 for goods falling under the Third Schedule. If the E1 Form is not submitted by the purchasing party, similar implications can arise regarding the tax rate applicability.
Rate of Tax:
• Since your goods fall under the Third Schedule and attract a full rate of tax of 5.5%, this rate will apply if the purchasing party does not provide the necessary C Form or E1 Form as required under interstate sale transactions.
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