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C form & vat query
I m working in a import company where different type of product are being imported lyk machine and medicines. As machine 12.5% vat is being charges and for medicine its 5% also if C form is issued than 2% is being charges. My first query if we dont get c form from one company and we got blank c form from another company can it be adjusted with each other. Second query is it possible to see machine bt to show it as medicine and pay 5% Vat to government jst to avoid tax.
Replies (1)
First Query: Regarding Adjustment of C-Form: It is not advisable to do so as during assessment the C-Forms are checked and there is also a procedure for checking C-Forms online on the TINsys site. If not while filing VAT Audit resport, this adjustment will be surely detected during the assessment for the relevant financial year
Second Query: It is not advisable to do so also as during the assessment the LR/delivery challans/Ledger confirmations of the corresponding parties are also asked.
Regards,
CA Komal Puri
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