Form-C

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Manasa Ranjan Samal (Querist)

01 February 2011 Sir,
My query is that the rate of a product in Orissa i.e, VAT @%, Entry Tax @ 1% and CST @ 2% against Form-C. Suppose we sold the product to outside Orissa & charged CST @ 2% against Form-C,if he fails to furnish the Form-C to us, then how will we do in that case & all the entries in accounting?
Kindly reply the above query.

B R Ramesh

B R Ramesh (Expert)

01 February 2011 Hi

if he fails to give C form

you need to charge the vat at the local rate of tax.

if already colletced 2% tax balance you should collect with interest & paid to the govt.

Message likes : 1 times

Manasa Ranjan Samal

Manasa Ranjan Samal (Querist)

02 February 2011 Suppose we'll charge VAT at local rate of tax i.e. 4%. We have already charged 2% & rest 2% will be charged.But I want to know how the balance rate of tax will be charged(like, we had charged 2% earlier in Invoice)

B R Ramesh

B R Ramesh (Expert)

02 February 2011 Hi

rise a debit Note to the party
mention the difference tax amount in the Debit note with interest.

collect the payment & make to the dept.

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