if we not purchase material agst. form c then what will be the rate of tax will be charged by supplier.
if we purchase material agst. form c , after that we are unable to give the c form to the party, then supplier what will be rate of tax charge , is there is any penalty we will be paid in this case.
12 May 2012
In practically C form is against interstate transaction between partied. If it is not against C form then normal tax in a respective state to be charged.
If it is purchase against C form then penalty to be charged on basic value as per the commodity rate of Tax reduced by 2% from that basic rate. For example Suppose commodity falls 5% category tax rate then penalty to be 3% and for commodity falls 15% tax rate then to be 13%. And this 3% and 13% to be charged from opposite party which is not charged at the time of sale.
CAclubindia
