Cst and c form

This query is : Resolved

Prateek Modi (Querist)
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05 September 2015 A company purchased a product on interstate sales and was charged 5% for not issuing C form in 2013-14. Now in 2015-16, the company issued C form and the seller gave the buyer a refund of 3% which was paid excess through Cash. What should be done??

Harshal Fifadra

Harshal Fifadra (Expert)
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05 September 2015 Since the C form is in relation to the period 2013-14 , nothing is required to be done in 2015-16.

For 2013-14, returns should be revised for proper disclosure of transactions.

Prateek Modi

Prateek Modi (Querist)
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08 September 2015 Tax audit is already done for that financial year. How can we revise the return

Harshal Fifadra

Harshal Fifadra (Expert)
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09 September 2015 In Form 3CA and 3CD, there is nothing which requires disclosure for C Form. VAT returns needs to be revised.

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Prateek Modi

Prateek Modi (Querist)
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09 September 2015 Thank you so much. Moreoever, can we take input credit for CST puchases made during the current year @5% without C form against VAT liability.??

Harshal Fifadra

Harshal Fifadra (Expert)
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09 September 2015 No ITC for CST purchase. ITC only on local purchases.

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