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F form for exempt sales

kaniselvam (accountant) (43 Points)

09 February 2012

We are manufacturing cotton hank yarn which is exempt from tax and also we sent the goods as consignment transfer to otherstate. may I know the F form is applicable for the exempt goods (ie. cotton hank yarn, code 744) under TNVAT.

Our CTO tell us the F form for the exempt goods also is the compulsory one.

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10 Replies

G.Ramesh (Accounts Professional) (1089 Points)
Replied 10 February 2012

F Form is required to obtain for the exempted goods also ( Inter state stock transfers within the company)

CA Atul (Tax Manager) (294 Points)
Replied 10 February 2012

f form is issued when goods is transfer from one gowden to 
anther gowden outside the state. No form is required when 
goods trasfer with the state..

RAJU (LEARNER) (1089 Points)
Replied 13 February 2012

Hi,

When the goods are exempt there is no requirement of Form-F. In case of taxable goods where, Form-F are not filed tax would be levied at local rate. Where goods itself are exempt, whether it is a sale or transfer, it is any way exempt...

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G.Ramesh (Accounts Professional) (1089 Points)
Replied 15 February 2012

Not agreed , exempted inter state stock transfer also required F Form during the VAT / CST Assesments

RAJU (LEARNER) (1089 Points)
Replied 15 February 2012

Mr. Ramesh - Can You please explain the basis? Assuming that your view is correct, at what rate the goods will be liable? As per CST Act, the tax applicable would be local rate. When product itself is exempt at what rate, tax would be levied?

RAJU (LEARNER) (1089 Points)
Replied 15 February 2012

vivekanandhan (DCTO) (39 Points)
Replied 17 February 2012

Dharmaraj is correct. No form F is required if exempted goods in that state have been transferred to other state branches.

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G.Ramesh (Accounts Professional) (1089 Points)
Replied 19 February 2012

Mr.Dharma Raju...There is not Tax on Inter state stock transfers (Stock Transfer means with in the company) -After your quirie confirmed from the various sources previously we used to obtain the "F" form for the exempted goods also................now a days in many states online filling avaialbe , in that if we mentioned Stock Transfer (Exempted goods) and field then " F" Form is not required

Agreed with you............Thanks

Thanks to Mr.Vivekanandhan , DCTO also for updating me