16 July 2011
Ours is a prop. firm. Is it possible to revise the return the CST for the year 2006-7 or 2005-6, we are not getting the C forms from our clients. Our Accountant says we have to deposit the balance tax, what could be the best way out? Kindly advice
16 July 2011
As per my understanding you want to revise your CST Returns for 2006-07 or 2005-06.
Firstly, please note that there is time limit for revising the returns under VAT & CST Act. Its 10 Month or Before VAT Audit Report in Maharashtra State.
If your Sales Tax Assessment is begen, and the Sales Tax Authorities ask you to submit your C Forms received from your Customer for claiming Concessional Rate of 2%, you will have to submit the same or ready to pay differential tax liability.
Also, As per CST Act, you can apply for rectification of Assessment Order within 2 years and get back the refund of Differential Tax Paid by sumbiting non received C Forms at the time of Assessment.
Or if you think, the C Form will not come at any condition. Then you have no choice for payment of Diff. Tax and Collect the same alongwith Interest & Penaulty from your customer by raising Debit note to him.
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