one of my client who is an assesse under tamil nadu vat act in signage business submitted his option under sec 6 to pay vat under compunding scheme for works contracts at the beginiing of the year without specifiying any particular contract from amonst several contracts from various parties.
Also he sells flex printed boards and other boards as sale of goods and has sold condemned machinery during the year.
he has been submitting form L returns only as required under the act and now he submitted form I also for the same financial year inrespect of sale of goods and old machinery .
Now the CTO says he can submit only form L an not form I also for the same year as he has opte dto pay vat under sec 6.
Form L does not contain any provision to enter sale of goods VAT and input claim.
Is this ccorrect?
Further it is undrsstood that the option must be for contact wise and anot necessarily for all contracts.
Hence what is the correct position of law/
Also recently vat has been amended that a revised return can be submitted?
Does this apply to option also.
This may please be clarified by readers pl.
CAclubindia
