Interest rate on non submission of c-forms
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 January 2016
One of my client made CST sales @ 2% in the year 12-13 & 13-14. Some of the parties fail to give C-forms. Sales are made outside Maharashtra & VAT applicability rate is 12.5%.
Can anyone tell me how can i calculate Interest for that balance 10.5% liability.?
Can anyone tell me how can i calculate Interest for that balance 10.5% liability.?
CA Kedar Sakhardande
(Expert)
30 January 2016
You can fill in the template of Mvat audit Form 704 showing tax paid and tax actually payable. The system will calculate interest automatically. (worksheet C forms not received)
Later on you can raise a Debit not on your client for the differential tax liability and interest
Later on you can raise a Debit not on your client for the differential tax liability and interest
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