06 January 2014
I am working in an manufacturing indusrtry. On interstate sales made by us we are taking C forms from the buyer, but we are not filing those C forms which need to be filed with the department quarterly. I want to know about the consequences to be faced.
Appreciate earlier reply.
Thanks for the information provided. I want some more clarification on this. Actually we are receiving C Forms quarterly from the buyers and we are not filing those with the department and claiming concessional rate since two years.
From the reading of your material i came to know non filing of C Forms leads to liability on the part of seller to pay the difference tax.
But i want to know by filing those c forms which are available with us (of 8 quarters pertaining to financial years 2011-12 & 2012-13) in the current financial year can we relieved from the liability of paying difference tax.
07 January 2014
Your declaration in return is valid.Even now you can submit to the department. File them along with a list C forms and invoices covered quarterwise/each month wise.In fact the department should have taken action of issuing a notice to demand additional amount of tax for not submitting C forms within the next quarter.However,that is not done due to their heavy work.In Karnataka once in a way they review the returns,issue notices to those dealers not filing returns. When the dealers furnish required forms even belatedly,they are accepted and cases are closed. So,now you also file the forms with all details and obtain acknowledgement, and keep a Xerox copy of all forms with you.....mjk
CAclubindia
