CST return revised

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ravi (Querist)
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16 July 2011 Ours is a prop. firm. Is it possible to revise the return the CST for the year 2006-7 or 2005-6, we are not getting the C forms from our clients. Our Accountant says we have to deposit the balance tax, what could be the best way out? Kindly advice

Sunil Mate

Sunil Mate (Expert)
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16 July 2011 As per my understanding you want to revise your CST Returns for 2006-07 or 2005-06.

Firstly, please note that there is time limit for revising the returns under VAT & CST Act. Its 10 Month or Before VAT Audit Report in Maharashtra State.

If your Sales Tax Assessment is begen, and the Sales Tax Authorities ask you to submit your C Forms received from your Customer for claiming Concessional Rate of 2%, you will have to submit the same or ready to pay differential tax liability.

Also, As per CST Act, you can apply for rectification of Assessment Order within 2 years and get back the refund of Differential Tax Paid by sumbiting non received C Forms at the time of Assessment.

Or if you think, the C Form will not come at any condition. Then you have no choice for payment of Diff. Tax and Collect the same alongwith Interest & Penaulty from your customer by raising Debit note to him.

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