Yes... there will be penalty of Max. Rs. 50000/- if complaince not made as per the circulars.. because it is the information required to file under DVAT on the demand of Commissioner.!
and if you don't comply with the requirement as prescribed by the commissioner.. then you must have to pay penalty in future.
Another consequence for not filing the form-9 i.e., your all refund claim will be on hold till u dnt submit the all c-forms nd cases.
For the time being., u just have to enter only 2 years data i.e., FY 2010-2011 and 2011-2012 as per the instructions of the Commissioner.
Email - capiyushtanwar91 @ gmail.com