3% OR 3% CST WITH EFFECT FROM 01/04/2008

This query is : Resolved

lohithakshan u k (Querist)
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04 May 2008 STILL COMPANIES ARE CHARGING 3% CST CITING REASON THAT THEY HAVE NOT RECEIVED ANY COMMUNICATION EFFECTING THE ROLL OVER TO 2% CST. IN THIS, TN VAT COMMISSIONER ISSUED A CIRCULAR TO COLLECT 3% TILL THE RECIEPT OF NOTIFICATION.THEN MY QUESTION IS WHETHER WE CAN ISSUE C FORM ON FOR 3% BILLS AND ALSO IS THERE IS THERE ANY PROVISION TO COLLECT THE 1% EXCESS AMOUNT COLLECTED DURING THIS PERIOD, AFTER THE ISSUANCE OF NOTIFICATION. PLEASE LET ME KNOW THE DATE OF NOTIFICATION TO THIS EFFECT

Jitender

Jitender (Expert)
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04 May 2008 it is not yet notified.
th rate of cst is still 3% and the same procedure will be followed for issuance of C form.

sunil

sunil (Expert)
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04 May 2008 if you will charge any excess amount of tax you should have to pay the amount to the state tax authority OR you may refund the excess amount charged to the cusomer but you have to collect solid evidence for the refunded amount.such as issue of credit note/payment evidence with receipt etc.etc.. date of notification is still awaited.

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CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)
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05 May 2008 It is 3% as on time. When budget will be approved then it will become 2%

R.V.RAO

R.V.RAO (Expert)
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05 May 2008 BUDGET IS APPROVED ON 29 TH APR-08.
THE FINANCE MINISTER OF UNION AND STATES ARE DELIBERATING ON THE ISSUE OF CST REDUCTION FROM 3 TO 2%.AWAIT GAZETTE NOTIFICATION. AS OF NOW IT IS 3 %
R.V.RAO

Shyam Lal Naik

Shyam Lal Naik (Expert)
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05 May 2008 It is ridiculous. The Finance Minister should also have deferred his announcement. Budget Speech is not a joke.