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VAT 505

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Dear All,

I need a help with regard to sales tax.

A Company had sent Goods from Bangalore to its branch office in Vishakapatna as Stock Transfer. The goods carrier was carrying only the Stock Transfer Invoice and Lorry Receipt. At a check post near Bangalore the goods were stopped and the check post officer contended that there was non-compliance because Form.VAT 505 is missing and has levied a penalty by issuance of notice. 

Now at this threshold the Company immediately in no time managed to get the Form VAT 505 and is about to submit before the check post officer.

Now my question is that by submitting Form VAT.505 whether the penalty can be escaped or is there any other way out to be free from the penalty.

Regards

Harish

Replies (1)
You can request the check post authority and ask for a condonation since this is only a technical error. If you are doing regular stock transfer with Form 505 you can take a letter from your assessing authority to this effect and submt for condonation.


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