Revaluation of assets

Tax queries 2573 views 3 replies

  ONLY FOR STUDENT .........(NOT FOR QUALIFIED)....

 

     A registered dealer was eligible to purchase certain goods at concessional rate of CST. However,

through oversight, the goods were not included in his registration certificate. He issued C form

for purchase of the goods. State the consequences.

Replies (3)

@ laxman: This is a violation of Section 10(b) of CST Act. Hence penalty will be imposed under Section 10A for misuse of C Form if it comes to the attention of the assessing authority. Also, dealer should apply for amendment of registration certificate for inclusion of the items which it wants to buy at a concessional rate at the earliest.

@ jagrut:....u r right to very extent but.....   i think there is confusion in subsection...as this problem shoul be dealt with section 10 c..reads as ......false representation when purchasing any goods that the class of goods are covered by the registration certificate, is an offence......while section 10 a reads....furnishing a false certificate is an offence....the dealer has violeted both actions .....now the dealer has to pay differential sales tax, plus penalty can be imposed......thanx for response...

Goods which is not mentioned in Registraction Certificate,we can not issue form c,for concessional rate of tax.

First Goods mentioned in Registration Certificate.

Is we issue form c ,for the goods which is not mentioned,then it will be 300% times penalty of tax liability.


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