I am in Mumbai i purchased a machinery from Barnglore on 24th Nov, 2007 for Rs. 1072219 inclusive ò CST of Rs. 31229, But I did not issue C form till the date.
Now the seller is demanding to pay Rs.116200 including interest and 10% Penalty for late payment to sale tax.
Please give me a right solution what should I do? Can I issue C form now?
Dear amarjeet,
There are many questions involved in this query
The most important point here is has your supplers sale case has been assessed at banglore.
Normal practice is when you are ( as seller ) not able to produce C forms timely then Sale tax authority's can grant time to submit C forms as per their discretion .
Only if sale tax case has been assessed and the excess time provided by sale tax authority has been expired & party has asked for C forms and you have not supplied the C form .
Then you must pay the Dues to the party . Otherwise Issue the C form accordingly.
( I think more then 98 % C forms issued by the party only after request from seller to issue C Form . )
Warm Regards
The main point for consideration here is that C form is required to submit quarterly by purchaser.
However , It is also the duty of the seller to collect the C form timely .
Agree with SAtpal Sir.
I do agree with saptal
Hi,
You have all rights to issue Form C at any time if even the prescibed period is elapsed.
for example the bangalore party accounts assessment completed for the year 2007-08 and penalty imposed to pay the differencial tax also. he have right to submit the Form C to avoid the differencial tax payment. the bangalore party need to go for appeal in this case.
hence inform them clearly that your ready to issue Form C instead of differencial tax payment.
if reqired i will give the case study i subsequent reply.
Prakash T c
Suppose, i hav made some OMS Sales to a party in FY:2010-11, but i hv not yet received C-Form from the party yet.. So for vat audit as per AnnexureI should i hv to pay the differential tax...., if till the due date of Vat Audit i.e. 31st Jan 2011, C-Form is not received from the buyer..
I agree with Mr. Saptal
Hello Bhavin,
Try to get the Form c and submit the same within 31st jan., if not else no issue you can submit the Form C after vat audit also.
if you submit the form C after vat audit then you have give clarifications at any required time to the department.
Regards,
Prakash
hi prakash pls forward the case study
CAclubindia
