16 August 2010
Dear Friends, I am working in pharmaceutical company situated at Gurgaon. Please note on medicines CST rates is 3% against "C" Form & 4% is without "C" forms, also the local VAT rates is 4%. I just want to know if we do not received "C" forms from respective parties, than what will be our further tax liabilities to VAT authories, whether we have to paid 1% of amount or 7% ?. please suggest, its very urgent.
16 August 2010
If the purchaser did not submit Form "C" declaration then CST without Form C is applicable in this Transaction and HVAT rate for the commodity will be applicable.
CAclubindia
