Hi,
I am greatly relieved to see that such an amazing forum exists on this complex topic. I heartily thank the Admin team and all the members.
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I am a proprietor of a small manufacturing company. We sell goods to textile mills all over India. Now the problem is that as requested by the mills, we had charged CST Rate as per the C Form but many of the customers have not sent the C Forms and hence I am in huge trouble.
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Around 30 C Forms are pending from clients in Punjab and about similar number of C Forms are pending from clients in Tamil Nadu. We are trying to contact them since many days but some of the mills are closed down, some have changed names, locations etc. Some have plainly denied.
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Now Value of these invoices is around Rs. 20,00,000/- and average of each invoice is around Rs. 30,000/-. CST Department has informed us that they shall charge the basic difference + 150% penalty on the difference amount.
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Is there a way out of it? How can I minimize the difference/penalty? This entire issue is only for the FY 2006-07, C Forms for 2007-08 / 2008-09 / 2009-10 are also pending. Please help.
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Prasham Kothari
Request to Mod/Admin: By oversight I created a similar thread in the Service Tax Sub Forum. Kindly delete the same.
CAclubindia
