Sale of asset

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RETHEESH KATHIROLIL (Querist)
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11 May 2012 We had made a sale of equipments to a party of other state. We are not a dealer of equipments. In this case, can we raise Bill? ( against C form )

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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11 May 2012 To raise a bill against C-Form, the commodities you mentioned in the form must be registered at the time of registration. If not registered earlier, you can file an application later to make additions to the list.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 May 2012 If the Buyer is registered dealer in the commodity sold by you, then he can produce form C to you which will further be given by you to the dept.

RETHEESH KATHIROLIL

RETHEESH KATHIROLIL (Querist)
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12 May 2012 Is it necessary that a bill has to be raised ? or can we settle with journal entries ? shall we charge sales tax ?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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12 May 2012 Yes, It is mandatory to issue an invoice if your turnover exceeds 5 lakhs in a year.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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12 May 2012 It is mandatory to issue invoice as you are a registered dealer in VAT.

As regards to payment of tax, in case of sale against declaration form-c, tax shall be state sales tax or 2% whichever is less.

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